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  • Pony Ma is one of the richest people on the planet, though few in the West have heard of him.

  • He’s the CEO and co-founder of Tencent - China’s internet colossus.

  • About 1 billion people use Tencent’s two messaging apps, WeChat and QQ for everything -

  • texting, shopping, playing games, ordering food, taxis and more.

  • And that’s just the beginning.

  • Based in China's Silicon Valley, Shenzhen, it has businesses in a vast range of industries

  • like gaming, music, news, video, online publishing and cloud.

  • Outside China, it has stakes in Tesla and Snapchat, and financed Hollywood blockbusters.

  • Presiding over a tech empire so huge, Pony Ma is relatively low-key and stays out of the media.

  • This is how the shy engineer Ma created one of the most influential tech companies in the world.

  • If we had to compare him with a western equivalent, Ma's probably most like Facebook's Mark Zuckerberg.

  • This is Lulu Chen, Bloomberg’s China technology reporter.

  • Both were thrust into the spotlight at a relatively young age and have had to adjust their vision,

  • personality and skill sets drastically via turmoil and crisis

  • at companies that penetrate every aspect of people's lives.

  • But few signs in Ma’s early years suggest that

  • the teenager with an obsession in astronomy would become a big fish.

  • So Pony Ma was known as somewhat of a geek among his classmates.

  • He had a reputation for hacking into university computers and locking the hard drives.

  • Even the admins weren't able to unlock them.

  • Ma founded Tencent at the age of 27 with three college classmates and a friend.

  • For their first product, they cloned an Israeli-made instant messaging service

  • and adapted it for the Chinese market.

  • The free QQ messaging service secured 100,000 users by late 1999,

  • but it also required more money to keep it going.

  • In 2000, Tencent almost went bankrupt but was able to secure $4 million in funding to keep going.

  • But then came the dot-com bust and money was hard to get.

  • So in 2004 Ma decided to list Tencent on the Hong Kong Stock Exchange, raising $180 million.

  • To be honest, the IPO wasn't exactly a buzz.

  • It fell below its issuing price within a month.

  • But Tencent had an even bigger problem.

  • It had developed a reputation as the King of knockoffs

  • and it couldn’t shake off the reputation of being a copycat.

  • At one point, its reputation fell so low.

  • It was embroiled in a full blown media controversy

  • and peers openly accused and scolded it for violating copyrights.

  • The real breakthrough for Tencent came in January 2011 with the birth of WeChat.

  • WeChat was created in just two months. Timing was key.

  • Ma saw the coming of the mobile internet age.

  • And WeChat was launched just at the moment when smartphone sales in China took off.

  • WeChat now has almost 1 billion monthly active users, three times the entire population of the US.

  • At first, the service only allowed users to send text messages like WhatsApp.

  • Then it added a voice message function

  • and then its Moments function, a page resembling Facebook’s News Feed,

  • and evolved into a social media app.

  • The most important breakthrough for WeChat came in 2014.

  • That year it introduced a feature that allowed users

  • to send virtual red envelopes filled with money electronically,

  • an age-old custom in China during the holidays and at special occasions.

  • It became a hit. Users quickly started linking their bank accounts with WeChat's wallet.

  • Now WeChat is a force that even shakes traditional banks and finance institutions.

  • You can pay almost everything through WeChat.

  • It's also one of the main reasons that China's becoming a cashless society.

  • WeChat is hailed as a unique Chinese innovation,

  • but many dissidents deem it a government's surveillance app

  • because it collects a huge amount of data on users.

  • For the Chinese ruling party, it is both appealing and daunting.

  • It opens a window to understanding the psyche of the people they rule like never before.

  • But theyre also wary of a company like Tencent.

  • That's why you see constant and regular crackdowns on them.

  • Tencent has grown into a tech behemoth with a market capitalization of nearly half a trillion US dollars.

  • With the success of WeChat it was able to change from copycat to innovator.

  • Pony Ma has stepped out of his shell a lot.

  • He's still low-key compared with other Internet founders with flare,

  • but you can also see him becoming a more vocal leader and strategist.

  • Tencent has broken into markets like South East Asia and India, but it hasn’t cracked the Western markets.

  • Ma’s ambition to become a global player might still be a tough road to take.

Pony Ma is one of the richest people on the planet, though few in the West have heard of him.

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