Shenzhen-based tech giant Tencent has scaled back its investments dramatically in 2019 after embarking upon a concerted purchasing spree back in 2018.
Tencent’s global investment deals totalled 108 in 2019, for a decline of 33% compared to the 162 deals it made in 2018, according to data from Chinese research company IT Juzi.
The investment amount fell by over half, from 72.7 billion yuan in 2018 to 34.3 billion yuan in 2019.
One fifth of Tencent’s 2019 investments were in enterprise services as the tech company focused more on the industrial internet sector.
Other key areas included e-commerce, finance and healthcare, with Tencent acquiring stakes in Chinese e-commerce platform Youzan and Indian digital bank NiYO at the start of the year.
Chinese e-commerce titan Alibaba Group also dialled back its investment in 2019, from 80 billion yuan across 62 deals in 2018 to 71 billion yuan for 37 deals this year.