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Tencent pledges $ 7.7 billion to support China’s anti-poverty and environmental initiatives


FILE PHOTO: People are seen outside Tencent Company Headquarters in Shenzhen, Guangdong Province, China August 7, 2020. REUTERS / David Kirton / File Photo

(Reuters) – Chinese tech giant Tencent on Monday pledged to invest 50 billion yuan ($ 7.68 billion) in environmental and social initiatives, a move that comes as internet heavyweights China are under intense scrutiny from antitrust regulators.

Tencent, China’s largest social media and video game company, said its investment will fund initiatives in areas such as basic science, educational innovation, rural revitalization, carbon neutrality, food, energy and water supply, public emergency assistance, technology for the elderly and public welfare.

He also said he is forming a business development group to lead such initiatives. He did not provide a timeline for his investment.

Tencent should continue to meet the ever-changing needs of the public and the times, in order to develop and prosper with society as a whole, said Pony Ma, founder and president of Tencent, in a statement.

China’s market regulator last week warned the nation’s largest internet companies to root out any banned practices, two days after slapping Alibaba with a record fine of $ 2.75 billion after an investigation found that it had abused its dominant position in the market for several years.

President Xi Jinping has made poverty reduction one of his top priorities.

($ 1 = 6.5089 Chinese renminbi yuan)

Reporting by Pei Li and Tony Munroe; Editing by Kirsten Donovan

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