Spooked by ByteDance, Tencent bolsters defence for its core businesses

Photo: REUTERS

Tencent Holdings Ltd may be the world’s largest gaming company and a Chinese internet powerhouse worth more than $900 billion, but it’s also spooked.

Rapidly growing ByteDance, the owner of TikTok and the similar Chinese short video platform Douyin, has made sizeable inroads into business areas Tencent holds dear — including ads, gaming, livestreaming, social media, and office software.

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