Tencent shows cloud clout

Tencent (0700) has applied for registration of the trademark for its paid storage service WeChat Cloud, mainland media reported.

The current status of the trademark application is awaiting substantive examination, data from enterprise information query platform Tianyancha showed.

The news came after the tech giant responded to the “common prosperity” initiative by saying it will invest 100 billion yuan (HK$120.36 billion) in rural revitalization and helping lower-income groups.

Shares of Tencent surged 3.5 percent to HK$505 yesterday.

State-owned China Daily has reported that Tencent plans to launch the cloud service for users of its instant message platform WeChat to back up their chat records for 180 yuan a year for iOS users and 130 yuan for Android users.

The State Administration for Market Regulation stressed yesterday that it will step up its oversight of internet platform companies and strengthen anti-monopoly measures.

The government will investigate and continue to counteract monopolistic behavior by the leading internet platform enterprises in response to public grievances over such issues as fake promotions and big data-enabled price discrimination against existing customers.

It added it will also strengthen regulation to prevent the disorderly expansion of capital.

Alibaba (9988) also pledged to share wealth with the community recently, saying that it will also invest 100 billion yuan by 2025 in support of the “common prosperity” initiative first announced by President Xi Jinping last month.

The government-backed Zhejiang News website said Alibaba’s funds will go toward areas such as subsidies for small and medium-sized enterprises and improving insurance protection for gig-economy workers such as couriers and ride-hailing drivers.

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