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The group has an interest in Tencent Holdings Limited ("Tencent") a provider of services based on the "QQ" instant messaging platform to Tencent Computer and Shiji Kaixuan, the licensed instant messaging operators in China.

Tencent's core market is mainland China, with QQ services also deployed in Taiwan, Japan, Thailand and South Africa. Tencent completed its global offering and listing of its shares on the Main Board of The Stock Exchange of Hong Kong Limited on June 16, 2004 (the "Tencent IPO"). Tencent issued shares totalling approximately 27.71% of its overall share capital and raised approximately U.S. $211.0 million (after expenses) in the Tencent IPO, including an over-allotment option exercised by the underwriters on July 5, 2004. As a result of the Tencent IPO, the group's ownership percentage in Tencent decreased from 50% to approximately 36.14%.

Tencent is a leading provider of Internet services and mobile value-added services in China, with the largest instant messaging ("IM") community in China. Tencent's IM platform, branded QQ, allows users to communicate in real-time across the Internet, and mobile and fixed line telecommunications networks, using various terminal devices. Tencent has been able to leverage its large user community and recognition of the QQ brand to attract Internet and mobile users to pay for its consumer-oriented Internet and mobile value-added services and products.

Tencent was one of the first providers of IM and mobile value-added services in China. Since the introduction of its basic IM service, Tencent's services and products have evolved into a variety of value-added services for the QQ community, including various fee-based IM service packages, entertainment and information content services, e-mail, chat rooms, dating services, casual games and massive multiple-player online games. Similarly, since the introduction of Tencent's mobile IM services, its mobile and telecommunications value-added services have expanded to include mobile chat, Interactive Voice Response services, ringback tones, mobile music and pictures, mobile news and information content services, mobile games and other telecommunications value-added services.

Tencent currently has three principal lines of business: Internet value-added services, mobile and telecommunications value-added services and online advertising. Internet value-added services provide the main platform on which Tencent's user community is built. IM is at the core of Tencent's Internet value-added service platform. QQ is a comprehensive service platform that utilises IM and other value-added services to create an online community.

QQ is now widely recognised as the most popular IM community in China. Internet value-added services also include community services such as the QQ.com portal and entertainment services such as casual games, "avatars" (or virtual characters) and massive multiple-player online games. During the quarter ended 30 September 2004, the peak number of simultaneous online user accounts was 6.3 million. In addition, Tencent is making long-term investments building on its technical expertise to develop IM solutions targeted for enterprises in China. Mobile and telecommunications value-added services are also an important segment of Tencent's business.

Mobile QQ is a mobile based extension of Tencent's QQ service, which allows its users to access the QQ network via their mobile phones and communicate in real-time with other QQ users. Tencent has been introducing and promoting additional value-added services by leveraging its strategic relationships with telecommunications operators in China such as, subsidiaries and branch companies of China Mobile and China Unicom.

These value-added services include Mobile chat, ringback tones, mobile music, image and picture download services, mobile news and mobile games. As of 30 September 2004, there were approximately 12.6 million registered subscriptions for fee-based mobile and telecommunication value-added services provided directly by Tencent or through mobile operators. Tencent sells advertising space on its QQ software client and websites that generate significant impressions daily. The QQ software client enables targeted advertisements such as, "log-in flashes" and "system messages" to deliver high-resolution images to the end user's PC screen.