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BUSINESS & TECH

No Ceasefire in China’s Mobile Payment Subsidy War

Tencent posted a better-than-expected 61% jump in quarterly net profit. Photo: VCG
Tencent posted a better-than-expected 61% jump in quarterly net profit. Photo: VCG

A subsidy war in China's mobile payment market between Tencent Holdings and Alibaba Group is set to continue, Tencent's president said after the company reported a better-than-expected 61% jump in quarterly net profit.

Asia's second-most valuable listed company said Wednesday that net profit for the first quarter was 23.3 billion yuan ($3.7 billion), beating the average analyst’s estimate of 17.5 billion yuan.

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