(Reuters Breakingviews) - Alibaba or Tencent? The Chinese tech titans, with a co...
Tencent's Chief Executive Officer Pony Ma and Alibaba's Executive Chairman Jack Ma chat at the end of an event marking the 40th anniversary of China's reform and opening up at the Great Hall of the People in Beijing, China December 18, 2018. REUTERS/Jason Lee
Both companies on Wednesday announced results that underscore the urgency to find new sources of growth. Revenue at Pony Ma’s $450 billion Tencent hit 85 billion yuan in the three months to March, up 16% from a year earlier. That’s the slowest pace since the company went public more than a decade ago.
Jack Ma is also well ahead in money matters where Alibaba affiliate, Ant Financial, owns China’s top payments app, Alipay. It also controls the world’s largest money market fund with some $170 billion in assets under management. Ant’s early success has already attracted high-profile backers, including U.S. private equity firms Warburg Pincus and Carlyle.
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