Tencent Joins Alibaba in Spending Spree as Competition Heats Up Bloomberg 1 hr ago Zheping Huang (Bloomberg) -- Tencent Holdings Ltd. pledged to sharply increase investments this year after posting a 25% gain in quarterly revenue, aiming to fend off ByteDance Ltd. and sustain its pandemic-era boom in gaming and cloud. Popular Searches China’s three largest tech corporations are vying to entice users in the fast-growing arenas of online grocery and video. Tencent said Thursday it plans to invest a larger portion of its incremental profits this year in areas including cloud services, games and shortform video content, joining Alibaba Group Holding Ltd. and Meituan in pledging to boost spending. Tencent is trying to sustain growth in revenue, which climbed to 135.3 billion yuan ($21 billion) in the three months ended March, roughly in line with analyst estimates.