Tencent Holdings Ltd Q2 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Han Joon Kim - Macquarie Research - Analyst : I'll ask them one by one. The first one is really just a question about your M&A strategy, and perhaps I'm reading this pattern wrong. But in the past, we've kind of seen you guys take a minority stake and kind of take it virtually from an ecosystem approach. I think more recently, I feel like you've been seeing things that -- whether it's (inaudible), a deal over the other branch [Daiichi], and things like that. We're trying to absorb them a little bit more. So am I reading this pattern wrong? Or has there been a difference in kind of thought process about how we should be internalizing some of these assets that might be creating more synergies if we do internalize them? So just kind of perspective on that would be great. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 12, 2020 / 12:00PM, 0700.HK - Q2 2020 Tencent Holdings Ltd Earnings Call

Question: Han Joon Kim - Macquarie Research - Analyst : Got it, got it. That makes sense. My second question, and I think you partially touched upon this with the Official Accounts earlier, but there's more going on in WeChat, whether it's Moments or the short video or channel growing or whether it's Mini Programs. So within all the activity that's been going on within WeChat, do we see kind of any cannibalization between traffic? Or what kind of patterns do you see to the extent that can reach out in capacity all sorts of broader sets of behavior, whether it's commerce, whether it's advertising and all of that, just kind of how we think through as you attach on incremental services, how that's transferring into traffic and time spent across these services?