Chinese tech and games giant Tencent has reshuffled its business in what appears to be a bid to stave off competition from regional rival Alibaba.
The firm announced its first restructure in six years, bringing all of its content business groups under one roof while making a new group for cloud and smart industries.
This latter move is likely a means of fighting off competition from fellow Chinese company Alibaba Group whose cloud tech business has made it one of the world's fastest growing companies.
As reported by Reuters, Tencent will "further explore the integration of social, content and technology that is more suitable for future trends, and promote the upgrade from consumer internet to industrial internet”.
It's likely that Tencent is trying to reduce some of its overhead in the wake of an uncertain future. Though one of the world's biggest companies and certainly the largest in the video game, the Chinese giant is facing a number of issues.
The firm saw a massive drop in value between January and August 2018 losing $164bn, while $20bn was cut from Tencent's value after China's content regulator announced new restrictions on video games in the region due to, ironically, a rise in shortsightedness in the youth. The company saw its first quarterly decline ever this year.