Tencent said that it will not scale back on the investments this year

FILE PHOTO: A sign of Tencent is seen during the fourth Internet World Conference in Wuzhen, Zhejiang province, China, Dec. 3, 2017. REUTERS/Aly Song/File Photo

HONG KONG (Reuters) – China’s Tencent Holdings will not scale back on investments this year after a record high of 16 companies invested in and launched Ipos last year, President Martin Lau said at a closed-door investor conference in Beijing.

Lau said 2018 was the best year for the company in terms of investment, according to a transcript of his speech made last month and seen by Reuters on Wednesday.

Tencent invested in more than 700 companies in the past 11 years, Lau said, and 63 of those now shown, while 122 with a value of more than $1 billion, according to the transcript.

Shares of Tencent declined from 23 per cent in 2018.

Reporting By Sijia Jiang; Editing by with the ipad has Himani

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