DOCSLIB.ORG

Annual Report 2014 3 Chairman’S Statement

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2014 3 Chairman’S Statement CONTENTS 2 CORPORATE INFORMATION 3 FINANCIAL SUMMARY 4 CHAIRMAN’S STATEMENT 11 MANAGEMENT DISCUSSION AND ANALYSIS 27 DIRECTORS’ REPORT 57 CORPORATE GOVERNANCE REPORT 72 INDEPENDENT AUDITOR’S REPORT 74 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 77 STATEMENT OF FINANCIAL POSITION – THE COMPANY 79 CONSOLIDATED INCOME STATEMENT 81 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 82 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 84 CONSOLIDATED STATEMENT OF CASH FLOWS 86 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 198 DEFINITION Corporate Information DIRECTORS NOMINATION COMMITTEE PRINCIPAL PLACE OF BUSINESS IN HONG KONG Executive Directors Ma Huateng (Chairman) Li Dong Sheng 29/F., Three Pacific Place Ma Huateng (Chairman) Iain Ferguson Bruce No. 1 Queen’s Road East Lau Chi Ping Martin Ian Charles Stone Wanchai Charles St Leger Searle Hong Kong Non-Executive Directors Jacobus Petrus (Koos) Bekker REMUNERATION COMMITTEE CAYMAN ISLANDS PRINCIPAL Charles St Leger Searle SHARE REGISTRAR AND Ian Charles Stone (Chairman) TRANSFER OFFICE Independent Non-Executive Directors Li Dong Sheng Jacobus Petrus (Koos) Bekker Royal Bank of Canada Trust Company Li Dong Sheng (Cayman) Limited Iain Ferguson Bruce AUDITOR 4th Floor, Royal Bank House Ian Charles Stone 24 Shedden Road, George Town PricewaterhouseCoopers Grand Cayman KY1-1110 AUDIT COMMITTEE Certified Public Accountants Cayman Islands Iain Ferguson Bruce (Chairman) PRINCIPAL BANKER Ian Charles Stone HONG KONG BRANCH SHARE Charles St Leger Searle The Hongkong and Shanghai Banking REGISTRAR AND TRANSFER Corporation Limited OFFICE CORPORATE GOVERNANCE Computershare Hong Kong Investor COMMITTEE REGISTERED OFFICE Services Limited Charles St Leger Searle (Chairman) Cricket Square Shops 1712-1716, 17th Floor Iain Ferguson Bruce Hutchins Drive, P.O. Box 2681 Hopewell Centre Ian Charles Stone Grand Cayman KY1-1111 183 Queen’s Road East Cayman Islands Wan Chai, Hong Kong INVESTMENT COMMITTEE TENCENT GROUP HEAD OFFICE COMPANY WEBSITE Lau Chi Ping Martin (Chairman) Ma Huateng Tencent Building www.tencent.com Charles St Leger Searle Kejizhongyi Avenue Hi-tech Park STOCK CODE Nanshan District 700 Shenzhen, 518057 The PRC 2 Tencent Holdings Limited Financial Summary CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year ended 31 December 2010 2011 2012 2013 2014 RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Revenues 19,646 28,496 43,894 60,437 78,932 Gross profit 13,326 18,568 25,687 32,659 48,059 Profit before income tax 9,913 12,099 15,051 19,281 29,013 Profit for the year 8,115 10,225 12,785 15,563 23,888 Profit attributable to equity holders of the Company 8,054 10,203 12,732 15,502 23,810 Total comprehensive income for the year 9,936 8,957 13,619 18,376 21,975 Total comprehensive income attributable to equity holders of the Company 9,875 8,938 13,567 18,327 21,891 CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at 31 December 2010 2011 2012 2013 2014 RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Assets Non-current assets 10,456 21,301 38,747 53,549 95,845 Current assets 25,374 35,503 36,509 53,686 75,321 Total assets 35,830 56,804 75,256 107,235 171,166 Equity and liabilities Equity attributable to equity holders of the Company 21,757 28,463 41,298 57,945 80,013 Non-controlling interests 84 625 850 518 2,111 Total equity 21,841 29,088 42,148 58,463 82,124 Non-current liabilities 967 6,533 12,443 15,505 39,007 Current liabilities 13,022 21,183 20,665 33,267 50,035 Total liabilities 13,989 27,716 33,108 48,772 89,042 Total equity and liabilities 35,830 56,804 75,256 107,235 171,166 Annual Report 2014 3 Chairman’s Statement Ma Huateng Chairman I am pleased to present our annual report for the year ended 31 December 2014 to the shareholders. RESULTS The Group’s audited profit attributable to equity holders of the Company for the year ended 31 December 2014 was RMB23,810 million, an increase of 54% compared with the results for the previous year. Basic and diluted earnings per share for the year ended 31 December 2014 were RMB2.579 and RMB2.545 respectively. 4 Tencent Holdings Limited Chairman’s Statement BUSINESS REVIEW AND OUTLOOK In 2014, the mobile Internet reshaped the Internet industry with rapid development of mobile game and entertainment activities, enhanced importance of mobile advertising, growing adoption of mobile payment and the emergence of O2O opportunities. The mobile game population grew as many smart phone users, including some who were previously not PC client game players, began playing casual or mid-core games. Mobile video and music became popular as users sought entertainment on-the-go. Mobile social advertising increased as advertisers incorporated social data for targeted advertising. Mobile payment adoption expanded significantly as a result of increased smart phone penetration, advanced mobile payment technologies and aggressive promotion efforts by leading Internet companies. The mobile Internet enabled an upsurge in O2O transactions across industry verticals such as restaurants, transportation and household services. Market competition remained intense as major industry participants invested aggressively in areas including: (1) popular mobile applications, such as mobile utilities, mobile payment and O2O services; (2) digital content, such as online music and video copyrights; and (3) offline industries moving online, such as finance and healthcare. Overall Financial Performance Year Ended 31 December 2014 In 2014, revenues increased by 31% to RMB78,932 million. Excluding the eCommerce transactions business, revenues increased by 46% to RMB74,179 million. — VAS. Revenues from our VAS business increased by 41% to RMB63,310 million. Our online game business achieved healthy growth in revenues, mainly driven by PC client games and smart phone games integrated with Mobile QQ and Weixin. Our social networks revenues grew significantly, driven by increased in-game item sales on mobile platforms. Subscription services also registered renewed revenue growth. — Online advertising. Revenues from our online advertising business increased by 65% to RMB8,308 million, primarily driven by video advertising and performance-based social advertising on mobile. Video advertising benefited from underlying viewer growth. The growth in performance-based social advertising on mobile was mainly driven by Mobile Qzone and Weixin Official Accounts. Our strategic co-operation with JD.com also contributed to the growth of our online advertising business. — eCommerce transactions. Revenues from our eCommerce transactions business decreased by 51% to RMB4,753 million. The decline mainly reflected a traffic shift to JD.com following our strategic transaction with JD.com in March 2014, and the repositioning of our Yixun business from principal to marketplace operations. Profit attributable to equity holders of the Company increased by 54% to RMB23,810 million. Non-GAAP profit attributable to equity holders of the Company increased by 43% to RMB24,224 million. Annual Report 2014 5 Chairman’s Statement Fourth Quarter of 2014 In the fourth quarter of 2014, revenues increased by 24% year-on-year to RMB20,978 million. Excluding the eCommerce transactions business, revenues increased by 50% year-on-year to RMB20,532 million. — VAS. Revenues from our VAS business increased by 44% year-on-year to RMB17,137 million. Our online game business achieved healthy growth in revenues, mainly driven by PC client games and smart phone games integrated with Mobile QQ and Weixin. Our gross revenues generated from smart phone games integrated with Mobile QQ and Weixin amounted to approximately RMB3.8 billion. Our social networks revenues grew significantly, reflecting increased in-game item sales on mobile platforms and revenue growth in subscription services. — Online advertising. Revenues from our online advertising business increased by 75% year-on-year to RMB2,627 million. The increase primarily flowed from video advertising and performance-based social advertising on mobile. — eCommerce transactions. Revenues from our eCommerce transactions business decreased by 87% year-on-year to RMB446 million. The decline mainly reflected the traffic shift to JD.com and the repositioning of our Yixun business discussed above. Profit attributable to equity holders of the Company increased by 50% year-on-year to RMB5,860 million. Non-GAAP profit attributable to equity holders of the Company increased by 51% year-on-year to RMB6,723 million. Strategic Highlights In 2014, we focused on our “Connection” strategy, linking our users with content, services and hardware to enhance their lives online and offline. Leveraging our core communications and social platforms, Weixin and Mobile QQ, we made significant progress in fostering a healthy mobile ecosystem which provides our users with an expanding range of products and services, taking advantage of our strengths such as unified login, users’ social graphs, multi-platform marketing capabilities, infrastructure support, payment solutions and insights into user needs. During the year, we moved forward in monetising mobile Internet use, initially through smart phone games and performance- based social advertising. We invested heavily in content for businesses such as our literature service, music service, and video service, contributing to substantial traffic growth. Our portfolio of mobile utilities, including mobile security, browser and application store, achieved healthy market share gains. For example, YingYongBao became one of China’s
Load more

Recommended publications
  • Chapter # 1 Introduction
    Chapter # 1 Introduction Mobile applications (apps) have been gaining rising popularity dueto the advances in mobile technologies and the large increase in the number of mobile users. Consequently, several app distribution platforms, which provide a new way for developing, downloading, and updating software applications in modern mobile devices, have recently emerged. To better understand the download patterns, popularity trends, and development strategies in this rapidly evolving mobile app ecosystem, we systematically monitored and analyzed four popular third-party Android app marketplaces. Our study focuses on measuring, analyzing, and modeling the app popularity distribution, and explores how pricing and revenue strategies affect app popularity and developers’ income. Our results indicate that unlike web and peer-to-peer file sharing workloads, the app popularity distribution deviates from commonly observed Zipf-like models. We verify that these deviations can be mainly attributed to a new download pattern, to which we refer as the clustering effect. We validate the existence of this effect by revealing a strong temporal affinity of user downloads to app categories. Based on these observations, we propose a new formal clustering model for the distribution of app downloads, and demonstrate that it closely fits measured data. Moreover, we observe that paid apps follow a different popularity distribution than free apps, and show how free apps with an ad-based revenue strategy may result in higher financial benefits than paid apps. We believe that this study can be useful to appstore designers for improving content delivery and recommendation systems, as well as to app developers for selecting proper pricing policies to increase their income.
    [Show full text]
  • Chinese Internet Companies and Their Quest for Globalization
    International Conference on Information, Business and Education Technology (ICIBIT 2013) Chinese Internet Companies and Their Quest for Globalization Harlan D. Whatley1 1Swiss Management Center, Zurich, Switzerland Abstract players in the technology market (Sun, 2009). Chinese internet companies have seen an This qualitative research paper unprecedented growth over the past explores the quest for globalization of decade. However, very few are two successful Chinese internet recognized brands outside of China while companies: Baidu and Tencent Holdings. some seek to develop their brands in In this case study, the focus is on the foreign markets. This paper analyzes the marketing strategies of these expanding marketing strategies of two internet multinational enterprises and the companies: Baidu and Tencent and their challenges they face to become quest for globalization. recognized as global brands. All of the firms in this study were founded as Keywords: Baidu, Tencent, internet, private enterprises with no ownership ties branding, marketing, globalization, China to the Chinese government. Furthermore, an analysis of the countries and markets 1. Introduction targeted by the firms is included in the study. In addition to a review of the Innovation efforts by technology current academic literature, interviews companies in China are driven by adding were conducted with marketing and significant value to imported foreign strategy professionals from the technologies or by developing new perspective firms as well as journalists products to satisfy specific domestic that closely follow Chinese internet firms demands (Li, Chen & Shapiro, 2010). and the technology sector. This study on Firms in the emerging market of China do the globalization of Chinese internet not possess the R&D resources that their firms will contribute to marketing developed Western counterparts have.
    [Show full text]
  • China's Tencent Quarterly Profit Rises 32% 14 November 2012
    China's Tencent quarterly profit rises 32% 14 November 2012 growth for QQ instant messenger, reaching 784 million users in the quarter. Its Tencent Microblog "maintained a leading social media position in China", it said. Tencent also operates a popular online gaming platform and bought a majority stake in US online game developer Riot Games last year. The peak concurrent user accounts for the group's QQ Game Platform increased 18 percent to 9.4 million users during the quarter. Ma Huateng, founder of China's Tencent Inc. Chinese Internet giant Tencent on Wednesday posted a third China is the world's biggest Internet market with quarter net profit increase of 32 percent, benefiting from over 500 million web users, according to the latest the popularity of its instant messaging services and official count. online games. (c) 2012 AFP Chinese Internet giant Tencent on Wednesday posted a third quarter net profit increase of 32 percent, benefiting from the popularity of its instant messaging services and online games. The company reported a net profit of 3.22 billion yuan ($511 million) for the three months ended September 30, up from 2.45 billion yuan in the same period last year, and said it "achieved solid year-on-year growth". Revenue rose 54.3 percent to 11.57 billion yuan. Investors, however, were disappointed with the results and Tencent shares closed down 0.89 percent at HK$267.80 on the Hong Kong stock exchange. The Hang Seng index finished 1.2 percent higher. Based in the southern export hub of Shenzhen, Tencent operates online and social networking services including instant messaging service QQ, Tencent Microblog and mobile messaging service WeChat.
    [Show full text]
  • For Immediate Release
    For Immediate Release TENCENT ANNOUNCES 2020 FIRST QUARTER RESULTS Hong Kong, May 13, 2020 – Tencent Holdings Limited (“Tencent” or the “Company”, 00700.HK), a leading provider of Internet value added services in China, today announced the unaudited consolidated results for the first quarter (“1Q2020”) ended March 31, 2020. 1Q2020 Key Highlights Revenues: +26% YoY, non-IFRS1 profit attributable to equity holders of the Company: +29% YoY ▪ Total revenues were RMB108,065 million (USD15,252 million2), an increase of 26% over the first quarter of 2019 (“YoY”). ▪ On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items: - Operating profit was RMB35,575 million (USD5,021 million), an increase of 25% YoY. Operating margin remained stable at 33%. - Profit for the quarter was RMB27,984 million (USD3,950 million), an increase of 29% YoY. Net margin increased to 26% from 25% last year. - Profit attributable to equity holders of the Company for the quarter was RMB27,079 million (USD3,822 million), an increase of 29% YoY. - Basic earnings per share were RMB2.858. Diluted earnings per share were RMB2.817. ▪ On an IFRS basis: - Operating profit was RMB37,260 million (USD5,259 million), an increase of 1% YoY. Operating margin decreased to 34% from 43% last year. - Profit for the period was RMB29,403 million (USD4,150 million), an increase of 6% YoY. Net margin decreased to 27% from 33% last year. - Profit attributable to equity holders of the Company for the quarter was RMB28,896 million (USD4,078 million), an increase of 6% YoY.
    [Show full text]
  • Annual Report 2011 1 Corporate Information
    Contents Corporate Information 2 Financial Summary 3 Chairman’s Statement 4 Management Discussion and Analysis 11 Directors’ Report 27 Corporate Governance Report 54 Independent Auditor’s Report 70 Consolidated Statement of Financial Position 72 Statement of Financial Position - The Company 75 Consolidated Income Statement 77 Consolidated Statement of Comprehensive Income 79 Consolidated Statement of Changes in Equity 80 Consolidated Statement of Cash Flows 84 Notes to the Consolidated Financial Statements 86 Definitions 189 Tencent Holdings Limited Annual Report 2011 1 Corporate Information DIRECTORS NOMINATION COMMITTEE PRINCIPAL PLACE OF BUSINESS IN HONG KONG Executive Directors Ma Huateng (Chairman) Charles St Leger Searle Room 3002, 30th Floor Ma Huateng (Chairman) Li Dong Sheng Far East Finance Centre Lau Chi Ping Martin Iain Ferguson Bruce 16 Harcourt Road Zhang Zhidong Ian Charles Stone Hong Kong Non-Executive Directors REMUNERATION COMMITTEE CAYMAN ISLANDS PRINCIPAL Antonie Andries Roux SHARE REGISTRAR AND Antonie Andries Roux (Chairman) Charles St Leger Searle TRANSFER OFFICE Li Dong Sheng Independent Ian Charles Stone Butterfield Fulcrum Group (Cayman) Non-Executive Directors Limited AUDITOR Butterfield House Li Dong Sheng 68 Fort Street, P.O. Box 609 Iain Ferguson Bruce PricewaterhouseCoopers Grand Cayman KY1-1107 Ian Charles Stone Certified Public Accountants Cayman Islands AUDIT COMMITTEE PRINCIPAL BANKER HONG KONG BRANCH SHARE Iain Ferguson Bruce (Chairman) The Hongkong and Shanghai REGISTRAR AND TRANSFER Ian Charles Stone
    [Show full text]
  • India Internet a Closer Look Into the Future We Expect the India Internet TAM to Grow to US$177 Bn by FY25 (Excl
    EQUITY RESEARCH | July 27, 2020 | 10:48PM IST India Internet A Closer Look Into the Future We expect the India internet TAM to grow to US$177 bn by FY25 (excl. payments), 3x its current size, with our broader segmental analysis driving the FY20-25E CAGR higher to 24%, vs 20% previously. We see market share likely to shift in favour of Reliance Industries (c.25% by For the exclusive use of [email protected] FY25E), in part due to Facebook’s traffic dominance; we believe this partnership has the right building blocks to create a WeChat-like ‘Super App’. However, we do not view India internet as a winner-takes-all market, and highlight 12 Buy names from our global coverage which we see benefiting most from growth in India internet; we would also closely watch the private space for the emergence of competitive business models. Manish Adukia, CFA Heather Bellini, CFA Piyush Mubayi Nikhil Bhandari Vinit Joshi +91 22 6616-9049 +1 212 357-7710 +852 2978-1677 +65 6889-2867 +91 22 6616-9158 [email protected] [email protected] [email protected] [email protected] [email protected] 85e9115b1cb54911824c3a94390f6cbd Goldman Sachs India SPL Goldman Sachs & Co. LLC Goldman Sachs (Asia) L.L.C. Goldman Sachs (Singapore) Pte Goldman Sachs India SPL Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
    [Show full text]
  • TENCENT HOLDINGS LIMITED 騰 訊 控 股 有 限 公 司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 700)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. TENCENT HOLDINGS LIMITED 騰 訊 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 700) ANNOUNCEMENT OF THE ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 The Board is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2014. The results have been audited by the Auditor in accordance with International Standards on Auditing. In addition, the results have also been reviewed by the Audit Committee. FINANCIAL PERFORMANCE HIGHLIGHTS Year ended 31 December Year-on-year 2014 2013 change (RMB in millions, unless specified) Revenues 78,932 60,437 31% Gross profit 48,059 32,659 47% Operating profit 30,542 19,194 59% Profit for the year 23,888 15,563 53% Profit attributable to equity holders of the Company 23,810 15,502 54% Non-GAAP profit attributable to equity holders of the Company(1) 24,224 16,975 43% EPS(2) (RMB per share) - basic 2.579 1.693 52% - diluted 2.545 1.660 53% Non-GAAP EPS(1)(2) (RMB per share) - basic 2.624 1.854 42% - diluted 2.589 1.817 42% — 1 — Unaudited Three months ended 31 31 Year- 30 Quarter- December December on-year September on-quarter 2014 2013 change 2014 change (RMB in millions,
    [Show full text]
  • Pony Ma, the Global Strategist with Deep Pockets 07.01.18, 1026
    Pony Ma, the global strategist with deep pockets 07.01.18, 10(26 Person in the News Ma Huateng Read next Pony Ma, the global strategist with deep pockets The Tencent chief shuns the limelight but has big ambitions for the Chinese tech giant Louise Lucas JANUARY 5, 2018 The man behind the world’s sixth-biggest tech company is no brash, hoodie-encased youth. Instead, Pony Ma, founder, chairman and chief executive of China’s Tencent, prefers suits. “Low profile”, the description almost invariably applied to him, doesn’t begin to capture his allergy to the limelight. But, as this week’s brouhaha over data privacy demonstrated, it’s tough to stay in the shadows when you sit atop a goliath. Tencent is Facebook, Apple Pay, Spotify, gaming and reading rolled into one, and last year it generated $23bn of revenues and has amassed one of the biggest troves of data on the planet — in China, where government surveillance is axiomatic. The engine for much of this data is WeChat, Tencent’s killer messaging app that boasts just shy of 1bn monthly active users. Fans — both investors and users, who spend an average of one and a half hours on it every day — adore its ubiquity. Critics are more scathing: dissident Hu Jia has called it “the monitoring weapon in your pocket”. These are tense times for Big Tech globally, as governments and disrupted industries scramble to set rules of engagement. In China, the situation is a bit more nuanced. Tencent and its peers such as Alibaba, Baidu and JD.com, benefit from Beijing’s desire to foster national tech champions and its block on the likes of Facebook, Google’s search engine and Twitter.
    [Show full text]
  • Annual Report Worldreginfo - 28526843-Ddd0-4856-824E-Fd9cb6a364c3 CONTENTS
    2019 Annual Report WorldReginfo - 28526843-ddd0-4856-824e-fd9cb6a364c3 CONTENTS 2 CORPORATE INFORMATION 3 FINANCIAL SUMMARY 4 CHAIRMAN’S STATEMENT 11 MANAGEMENT DISCUSSION AND ANALYSIS 28 DIRECTORS’ REPORT 70 CORPORATE GOVERNANCE REPORT 97 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 127 INDEPENDENT AUDITOR’S REPORT 136 CONSOLIDATED INCOME STATEMENT 137 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 138 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 141 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 145 CONSOLIDATED STATEMENT OF CASH FLOWS 147 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 265 DEFINITION WorldReginfo - 28526843-ddd0-4856-824e-fd9cb6a364c3 Corporate Information DIRECTORS INVESTMENT COMMITTEE PRINCIPAL PLACE OF BUSINESS IN HONG KONG Executive Directors Lau Chi Ping Martin (Chairman) Ma Huateng 29/F., Three Pacific Place Ma Huateng (Chairman) Charles St Leger Searle No. 1 Queen’s Road East Lau Chi Ping Martin Wanchai NOMINATION COMMITTEE Hong Kong Non-Executive Directors Ma Huateng (Chairman) Jacobus Petrus (Koos) Bekker CAYMAN ISLANDS PRINCIPAL Li Dong Sheng Charles St Leger Searle SHARE REGISTRAR AND Iain Ferguson Bruce TRANSFER OFFICE Independent Non-Executive Directors Ian Charles Stone Charles St Leger Searle SMP Partners (Cayman) Limited Li Dong Sheng Royal Bank House – 3rd Floor Iain Ferguson Bruce REMUNERATION COMMITTEE 24 Shedden Road Ian Charles Stone P.O. Box 1586 Yang Siu Shun Ian Charles Stone (Chairman) Grand Cayman, KY1-1110 Ke Yang Li Dong Sheng Cayman Islands (appointed with effect from Jacobus Petrus (Koos) Bekker
    [Show full text]
  • Joint Announcement
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company or any other entity. This announcement is not for release, publication or distribution in or into any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. IMAGE FRAME INVESTMENT (HK) LIMITED LEYOU TECHNOLOGIES HOLDINGS LIMITED (Incorporated in Hong Kong with limited liability) 樂遊科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1089) JOINT ANNOUNCEMENT (1) PROPOSED TAKE PRIVATE OF LEYOU TECHNOLOGIES HOLDINGS LIMITED BY WAY OF A SCHEME OF ARRANGEMENT UNDER SECTION 86 OF THE COMPANIES LAW (2) ESTABLISHMENT OF INDEPENDENT BOARD COMMITTEE (3) APPOINTMENT OF INDEPENDENT FINANCIAL ADVISER (4) PROPOSED WITHDRAWAL OF LISTING OF LEYOU TECHNOLOGIES HOLDINGS LIMITED AND (5) RESUMPTION OF TRADING Financial Adviser to the Offeror Financial Adviser to the Company Independent Financial Adviser to the Independent Board Committee 1 INTRODUCTION On 27 August 2020, in response to the Offeror’s Proposal put forward to the Board, the Company provided the Implementation Undertaking in favour of the Offeror, pursuant to which the Company irrevocably undertook to the Offeror to put forward to the Scheme Shareholders the Scheme which, if approved and implemented, will result in the Company being taken private by the Offeror and the withdrawal of the listing of the Shares on the Stock Exchange.
    [Show full text]
  • Prophets of Mass Innovation: the Gospel According to BAT1
    Media Industries 5.1 (2018) Prophets of Mass Innovation: The Gospel According to BAT1 Susan Leong2 CURTIN UNIVERSITY susan.leong [AT] curtin.edu.au Abstract: This article examines the role that the CEOs of China’s tech giants (Baidu, Alibaba, and Tencent [BAT]) play as advocates of China’s vision of mass innovation. It seeks, first, to understand what mass innovation is and the conditions for its success and then goes on to divine how the three individuals involved—Jack Ma (Alibaba), Robin Li (Baidu), Ma Huateng (Tencent)—combine the narrative of Silicon Valley individuated cyber-libertarianism and the collectivist socialism of China to convert the grassroots over to the gospel of mass innovation. In doing so, it traces the rise and beliefs of the trio but uses primarily Jack Ma’s and Alibaba’s growing prominence in Southeast Asia as a case in point of BAT’s influence outside of China. Keywords: Tech Evangelism, Mass Innovation, Indigenous Innovation, Cyber- Libertarianism, Counter-Culture Introduction Few aspects of everyday life in China remain untouched by digital technologies. From the social (friendship, networks, marriage, family) and the economic (work, finances, trade, insurance) spheres to the cultural/intellectual (education, entertainment, media, knowl- edge) and the physical (health, transport, housing, food, disabilities) realms, digitization is deeply embedded in the daily routines and practices of Chinese citizens. This is the case across urban and rural China albeit to different degrees. Three brands dominate the Chinese digital imaginary: Baidu, Alibaba and Tencent (BAT) and their leaders, Robin Li (Baidu), Jack Ma (Alibaba) and Ma Huateng (Tencent) have been valorized as exemplary innovators.
    [Show full text]
  • MAKING a BETTER WORLD with TECHNOLOGY a Conversation with EDWARD CHENG, Corporate Vice President of Tencent and CEO of Tencent Pictures
    insideview ADVERTISEMENT FEATURE MAKING A BETTER WORLD WITH TECHNOLOGY A conversation with EDWARD CHENG, Corporate Vice President of Tencent and CEO of Tencent Pictures TENCENT is one of the world’s top 10 most valuable internet companies. In 19 years, the Shenzhen-based start-up has grown into one of the world’s biggest technology and culture companies, with a market value exceeding US$400 billion. In 2013, Tencent launched the WE Summit as a platform for interdisciplinary exchange amongst the world’s science and technology innovators. Here, Edward Cheng discusses his expectation of the summit and Tencent’s ambition to address global challenges with technology. What are the major focuses of achievements to share their scientists, whose research How does Tencent address Tencent? visions of the future. Now live Tencent will support continuously. essential problems facing Tencent aims to build better streaming of the summit attracts We will also help connect young humanity? connections among people, millions of viewers. scientists with capital and the We care about challenges services and devices. Our core I hope the WE Summit industry by inviting them to share threatening human survival, new businesses now encompass will become a barometer insights at the WE Summit. issues emerging in technology social media, digital content and of technological innovation, development, and cultural financial technology. WeChat directing our future efforts. It will How do technology and preservation. Solutions to and QQ are among the most also motivate more scientists humanities intersect? problems like environmental popular social platforms for and entrepreneurs to explore Dreaming about changing the pollution, climate change, Chinese mobile internet users, solutions to global challenges world with technology, I studied diseases, and urban congestion with nearly 900 million monthly collaboratively and provide physics in Tsinghua.
    [Show full text]