Tencent CTO: Facebook Took a Page From Our Biz Model

As Facebook’s imminent IPO became the talk of Silicon Valley and Wall Street, you might have read from the social networking site’s SEC S-1 filing that it pulled in more than $1 billion in profit on revenue of $3.71 billion last year. What Facebook’s prospectus will not tell you, is that the social giant has taken a page from Tencent’s business model, at least according to the Chinese Internet giant’s CTO. Xiong Minghua, Tencent's CTO, said in a speech at the ChinaBang Awards ceremony: "I visited Facebook back in 2006 and they cared a lot about Tencent’s business models—especially our micro payment, they studied it thoroughly."

Source: http://feedproxy.google.com/~r/Techcrunch/~3/vK3IpliX9u0/

CANON MEMC ELECTRONIC MATERIALS MICROSOFT MILLICOM INTL CELLULAR MOBILE TELESYSTEMS