Chinese internet giant Tencent Holdings Ltd. (00700.HK) is entering the film production business, with initial plans to produce seven movies.
The new division will mark the fourth business platform within the group, the Hong Kong Economic Journal reported Friday. The other three platforms are dedicated to gaming, literature and comics.
The company established an online-to-offline entertainment and social platform, Star Alliance, last month in a joint venture, three years after it invested in Huayi Brothers Media Corporation in 2011.
The film department will consolidate the intellectual property resources of the group.
One of the movies it will produce will be an adaptation of a novel of Mo Yan, winner of the Nobel Prize for Literature in 2012. The remaining films will be adapted from the stories in the games and comics the group has launched.
Meanwhile, on another front, Tencent has seen the user numbers for WeChat, the popular instant messaging application, scale a new high, according to a survey by Global Web Index. Users in Asia ex-Japan were up 60 percent over the past year, the report said.
User growth in Hong Kong, Taiwan and the Philippines stood at 222 percent, 166 percent and 100 percent respectively, according to the report.
Tencent said in its interim report that WeChat had 438 million active users around the globe as of the end of June, up 56.9 percent from a year ago.
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