Leading market position in China's social communications, mobile payment services, and media and entertainment services. Solid progress in monetizing user traffic. Intense competition in China with other large internet companies. Good profitability and margins. Minimal adjusted debt leverage. Very healthy cash and short-term investment balance. Strong cash flow generation. The stable outlook reflects our expectation that Tencent Holdings Ltd. will have very healthy revenue growth (in excess of 25%) over the next several years driven by online games, social communications, online advertising, and cloud computing. We believe the company will generate strong cash flows to enable further investments in cloud computing infrastructure, content, and acquisitions. We could lower the rating if Tencent's adjusted debt leverage exceeds 1.5x. The most likely
