Tencent Holding Ltd. (PC) (USOTC:TCEHY)
Historical Stock Chart
6 Months : From Feb 2019 to Aug 2019
By WSJ City
Facebook's latest shift toward private messaging, payments and e-commerce echoes the footsteps of WeChat, China's social networking super app that many Chinese find indispensable.
-- Facebook plans to offer encrypted messaging across all of its major
-- It will allow people to make private conversations ephemeral.
-- Developed by Tencent, WeChat has evolved from a simple messaging service.
-- Users can shop, pay, buy movie tickets and make doctor's appointments
without leaving the platform.
-- WeChat counts over one billion users.
WHY THIS MATTERS
The path to a super-app wouldn't be as smooth for Facebook as it was for WeChat, which was sheltered from competition in a market hungry for its services, and doesn't provide the level of privacy that many users of a Facebook app would likely demand.
But for wired Chinese--and tech-sector analysts--the reason for Facebook's shift is easy to understand. Facebook is "very aware of how Tencent has been able to integrate messaging and payment and e-commerce and all of these mini-apps into one platform," said Ben Cavender, a senior analyst at China Market Research Group.
A fuller story is available on WSJ.com
WSJ City: The news, the key facts and why it matters. Be deeply informed in less than five minutes. You can find more concise stories like this on the WSJ City app. Download now from the App Store or Google Play, or sign up to newsletters here http://www.wsj.com/newsletters?sub=356&mod=djemwsjcity
(END) Dow Jones Newswires
March 08, 2019 01:27 ET (06:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.