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Name | Symbol | Market | Type |
---|---|---|---|
Tencent Holdings Ltd (PK) | USOTC:TCEHY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.02% | 47.14 | 47.06 | 47.15 | 47.20 | 46.76 | 47.00 | 2,915,918 | 22:20:00 |
By WSJ City
Facebook's latest shift toward private messaging, payments and e-commerce echoes the footsteps of WeChat, China's social networking super app that many Chinese find indispensable.
KEY FACTS
--- Facebook plans to offer encrypted messaging across all of its major products.
--- It will allow people to make private conversations ephemeral.
--- Developed by Tencent, WeChat has evolved from a simple messaging service.
--- Users can shop, pay, buy movie tickets and make doctor's appointments without leaving the platform.
--- WeChat counts over one billion users.
Why This Matters
The path to a super-app wouldn't be as smooth for Facebook as it was for WeChat, which was sheltered from competition in a market hungry for its services, and doesn't provide the level of privacy that many users of a Facebook app would likely demand.But for wired Chinese--and tech-sector analysts--the reason for Facebook's shift is easy to understand. Facebook is "very aware of how Tencent has been able to integrate messaging and payment and e-commerce and all of these mini-apps into one platform," said Ben Cavender, a senior analyst at China Market Research Group.
A fuller story is available on WSJ.com
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(END) Dow Jones Newswires
March 08, 2019 04:28 ET (09:28 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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