Company Report: Tencent,

Tech giant reports 26% revenue growth in first quarter; IHG partners with China travel giant

by Nadeem Xu
Company Report: Tencent,
IHG said 90% of its hotels are up and running after the coronavirus lockdown. Photo: IHG

(ATF) Internet giant Tencent said first quarter revenue grew 26% year-on-to 108 billion yuan ($15.2bn), driven by social networking services on its WeChat platform.

Net profit rose 29% to 27bn yuan, according to the company's financial statement.

Monthly active users of Tencent's WeChat rose to more than 1.2 billion.

Short video and streaming services also saw robust growth, with Tencent Video subscriptions increasing to 112 million.

InterContinental Hotels Group (IHG) said it launched its first online flagship store Thursday, as part of a partnership with China's largest online travel agency,

The e-store allows Chinese customers to search, browse and book rooms from IHG hotels in China. Both companies will also cooperate in their membership systems.

"The partnership between two top players in the travel industry shows positive signs of lodging demand recovery in China post-COVID-19," said Jolyon Bulley, chief executive of IHG Greater China.

More than 98% of IHG hotels in China had resumed operations by Thursday, and most IHG hotels under construction have also resumed work.