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BUSINESS & TECH

Tencent’s China Literature Publishes Fifteenfold Profit Growth

China Literature's exhibition at the 11th China International Cultural and Creative Industry Expo in Beijing in October 2016. Photo: VCG
China Literature's exhibition at the 11th China International Cultural and Creative Industry Expo in Beijing in October 2016. Photo: VCG

Net profit for Tencent’s online publishing unit China Literature was 15 times greater in 2017 compared to 2016, according to the company’s first annual results released after its blockbuster initial public offering (IPO).

Revenue grew by 60% to 4.1 billion yuan ($648 million), from 2016’s 2.6 billion yuan. Profit attributable to shareholders jumped by a staggering 1,416% from last year’s 36.7 million yuan to 556.1 million yuan in 2017.

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