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BEIJING, Sept. 30 (Xinhua) – China's Internet giant Tencent Holdings Ltd. Sunday announced its first restructuring in six years, with the creation of two new business groups.
The company will integrate its seven original business groups into six, according to a company statement.
A new group of companies on the cloud and smart industries will be formed, while the other will focus on the platform and content.
The cloud and smart industries group aims to help the medical, educational, transportation, manufacturing, energy and other industries become smarter and more digital, the statement said.
A technology committee will also be set up, according to Tencent. She is committed to continuing to invest in AI, robotics and quantum computing labs.
Ma Huateng, chairman and CEO of Tencent, described the restructuring as a "strategic upgrade" for the company, adding that Tencent would continue to strengthen research and development of advanced science and technology.
Lau Chi Ping, president of Tencent, said that "the use of digital technology to improve industries will connect consumers to industries and create enormous social and industrial value."
Greater attention from leading Internet companies like Tencent to cloud computing and artificial intelligence (AI) will spur the growth of related industries, said Liu Xingliang, director of the DCCI Internet Research Institute. "Tencent will likely switch to more products and services for businesses rather than consumers."
Tencent shareholder profits increased 26% year-over-year in the first half of 2018, but declined 2% year-over-year in the second quarter.
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