Tencent, one of China’s largest internet companies, is looking to beef up its new banking affiliate by helping it raise $1bn in new capital, according to investors.
The bolstering of Webank, which is 30 per cent owned by Tencent, is part of a government-approved push by China’s biggest internet conglomerates into finance — an area dominated by state-owned banks.
Beijing hopes the push will lead to a rise in lending to small and medium-sized companies, which have been largely ignored by the state banking sector.
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