TENCENT HOLDINGS ADR (TCEHY), Baidu, Inc. (NASDAQ:BIDU) – Tencent’s WeChat Continues To Grow Amid Government Crackdown

Tencent Holdings Ltd’s (OTC: TCEHY) WeChat super app posted remarkable growth in services from e-commerce to payments and search over the past year, amid China’s government crackdown, Bloomberg reports.

  • Daily active users of WeChat mini-programs grew ~12.5% year-on-year to 450 million in 2021. 
  • WeChat’s native search function, a feature once touted as Tencent’s answer to Baidu Inc’s (NASDAQ: BIDU) dominance, added 200 million monthly users Y/Y. 
  • Related Content: China’s Tech Crackdown Dampens Tencent’s Growth In Q3, Misses Consensus
  • Tencent Relaxes Selective Content Access Following Regulatory Crackdown: Bloomberg
  • The number of mini-programs offered by overseas merchants jumped 268% over the past two years; online commerce transaction volume surged 897%.
  • Monthly active users of WeChat Search jumped to 700 million in 2021, up 40% Y/Y.
  • WeChat Pay team tripled to 1,200 people from 400 in 2016; it now has more than 1,800 bank and financial institution partners.
  • Live-streaming e-commerce sales grew 15x in 2021.
  • Price Action: TCEHY shares closed lower by 4.48% at $54.80 on Wednesday.

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