Overview Key strengths Key risks Market leader in China's instant messaging, payments, as well as media and entertainment services. Tight regulatory oversight and competitive pressure. Steady online services and entertainment in China, despite a slower growth. Revenue concentration in China. Large cash balance and strong free cash flow. Large investment and shareholder return expenditure. We see room for margin improvement as revenue mix shifts toward profitable platforms and services such as Mini Games, Video Accounts, and Fintech, and scaling back less profitable music and game-related live streaming businesses. We see strong revenue growth opportunities for these services, benefiting from growing user traffic by leveraging the over 1.3 billion monthly active users (MAU) on its Weixin and WeChat platforms. Video Accounts
