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China tech

Tencent pumps profit into new investments despite antitrust pressure

Chinese tech group's earnings surged 65% on cloud and fintech growth

A Tencent display at the World Internet Conference: The Chinese tech group is "stepping up investment in areas including business services and enterprise software, high production value games and short-form video," CEO Pony Ma says.   © Reuters

HONG KONG -- Chinese technology group Tencent Holdings vowed to continue investing in new businesses despite greater regulatory scrutiny, while reporting better-than-expected quarterly results thanks to strong growth in its financial technology and business services operations.

For the three months to March 31, the company said group revenue rose 25% from a year earlier to 135.3 billion yuan ($21.0 billion), while net profit surged 65% to 47.8 billion yuan.

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