The story of billionaire Ma Huateng and the company he co-founded, Tencent, reads like a modern fairy tale. It’s tag line on the homepage of the company’s website is “Connecting People for a Greater Future”. LID Publishing that specialises in business books has published a biography of the 14th richest man in the world ( according to Forbes) in collaboration with China Translation and Publishing House.
It is a mesmerising tale of a young middle class computer programmer who driven by ambition, focused hard work and bold strategy realised the potential of the Internet in the 1990s. He also astutely recognised that the pager company he was employed in was a sunset industry but the future lay in instant communication using technology and the internet. Innovation was required in localising existing programmes as most of the population in China was monolingual whereas new apps and programmes being released in the global market were dependant on English as the mode of communication.
Through his grit and determination, astute strategy and long term vision, Ma Huateng was able to build a business empire that within years has grown into a billion dollar enterprise recognised worldwide. Its rise and influence in the global economy is unparalleled. He copies and innovates existing ideas to make his existing customers satisfied. His vast user base is what has enabled him to experiment and be bold in his strategies while also attracting investors who know there is no other player in Tencent in China who has such deep penetration and impressive impact in the country.
Ma Huateng & Tencent is a fascinating account of the man behind the firm who built his fortune on enabling instant messaging for Chinese users to creating a global brand integrating its PC and mobile gateways. Now Tencent is also known for its pan-entertainment services by offering a range of services from online games, books/publishing, reading websites to transforming the more successful works into movie projects. In its early days when word spread about Tencent and its instant messaging, it was registering an average of over 370,000 new users every day!
There is plenty to glean from this book about how to develop businesses, innovate and remain relevant to changing tastes and expectations of customers. Although it is a rivetting read there is plenty not said too about Tencent’s engagement with the Chinese government which as anyone who attempts do business in China is a must. Thus making this book a hagiography rather than a sharply told biography of a successful businessman.
4 January 2019