Tencent Holdings plans to invest 10 billion yuan (US$1.57 billion) over the next five years in its cloud-computing business, aiming to expand the segment’s share in the firm’s overall revenue.
Under the plan, the Chinese internet giant will establish new data centers in China, Hong Kong and North America, the Wall Street Journal reported.
Some of the money will also be used to recruit new talent and promote cloud services through marketing campaigns.
Cloud services currently account for only a fraction of Tencent’s revenue, which stood at 78.9 billion yuan last year.
The company aims to grow the business and boost the revenue contribution in the coming years.
Tencent’s main services currently are online games and social networks.
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