Chinese IT giant Tencent: profits of 10 bln yuan

Hong Kong (CNS) – "I don't believe in legends but in a down-to-earth attitude," stated Ma Huateng, chairman of Tencent Holdings Limited. Ma's plain words interpret the core of his company's development strategy.

Tencent achieved a net profit of 10.2 billion yuan in 2011, with a 26.7 percent year-on-year increase. In this period, the company completed dozens of investment projects and finished up with 17 billion yuan cash left in hand. Tencent pursues steady growth, no rush.

"The Internet industry in China has entered a stable period of development," said Ma at a press conference days ago, "I care more about long-term projects than the annual profit figure. We must be responsible to shareholders."