Tencent Holdings Ltd Q4 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 do have -- first one is just touching upon, I think, the relationship with, I think, Alibaba and Taobao Deals that I think media has talked about. And please correct me if I'm wrong, I think it's -- we've probably not had too much engagement with them, I think, since 2016. So should we just view this as something in isolation? Or kind of -- should we see that there's more room for collaboration with other ecosystems out there in China? And how do we think kind of the shifting dynamics in that kind of scenario, where, on one hand, I guess, we have to kind of make sure we protect our user kind of experience and the integrity of the experience within WeChat while also kind of thinking about how we remain open platform in collaboration with other ecosystems out there? And then the second question I want to touch upon is in regards to your investment into Rakuten. Mikitani-san did host a call, and I think he kind of elaborated that he would want to work with you guys a little bit more deeply and even in areas, I think, like games. So I mean -- and for you guys, is it more of a passive role? If they want something like games, you're happy to kind of give it to them? Or is that kind of more strategically minded initiative where we kind of see the ability to export some of our key kind of resources and services to other geographies?