Tencent Holdings Ltd. (00700.HK) has halted development of its microblog service in a business restructuring, Chinese media reported.
The multimedia giant will maintain basic services for Tencent Weibo while eliminating its media unit, hexun.com reported Wednesday, citing company sources.
Tencent denied the report, saying the microblog service still exists and will continue to operate.
The company said it is following market trends to integrate social networking services and news production, putting more emphasis on its new Weishi app, a video-sharing platform that allows users to create and post clips.
It has set up a division to oversee the development of the video-sharing platform.
Tencent may launch television decoders or collaborate with smart TV producers to back Weishi, industry analysts were quoted as saying.
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