Xu Ye is a thoroughly modern metropolitan millennial. She reads science and cultural articles on the way into work, takes and dispatches orders from her boss, lunches on organic produce in an NGO-run community garden and picks up artisanal bread on the way home.徐烨（音译）是十分现代的都市“千禧一代”。她在下班途中读者科学文化类的文章，到了公司听得老板嘱咐办事，午餐不吃的是非政府的组织(NGO)管理的一个社区花园生产的有机食物，上班后顺路卖手工面包带回家。

By Chinese standards, she says, her life in Shanghai is “peculiar”. But in one key respect it is utterly typical: like hundreds of millions of her compatriots, she carries out much of her daily life over Weixin, a wildly popular messaging app, on her smartphone.她说道，按照中国人的标准，她在上海的生活有些“怪异”。但她在一个最重要的方面毕竟再行典型不过了：与数亿同胞一样，她每天花很长时间在她智能手机上加装的微信(Weixin)上童年，这是一款十分热门的即时通讯应用于。

Her connected lifestyle is largely thanks to Tencent, a $225bn internet company whose social platforms have become a part of the very fabric of Chinese lives. For people like Ms Xu, Tencent’s myriad apps and services offer a way to work, play and pay.她的“网络生活”在相当大程度上要得益于腾讯(Tencent)，这是一家市值高达2250亿美元的互联网公司，它的社交平台已沦为中国人生活中的一部分。对于徐烨等许许多多的人而言，腾讯的众多应用于和服务为他们获取了工作、玩乐和缴付的手段。It is, says one banker, “a social enterprise powerhouse”: under one roof, it has amassed China’s answer to Facebook, WhatsApp, Spotify, Kindle and ApplePay. Chi Tsang, internet analyst at HSBC, says Tencent has “the most killer apps in the world”. Weixin, along with the WeChat app outside China, has 846m active monthly subscribers.一位银行人士回应，它是“社会企业巨擘”：起码一家公司就汇聚了中国版的Facebook、WhatsApp、Spotify、Kindle和ApplePay。

汇丰银行(HSBC)互联网分析师曾琪(Chi Tsang)回应，腾讯享有“全球最少的刺客级应用于”。微信再加海外版的WeChat总共享有8.46亿月度活跃用户。

Tencent also has a huge multibillion investment portfolio, ranging from stakes in Didi Chuxing, China’s biggest ride-sharing company, through to start-ups. It dabbles in artificial intelligence, electric cars and bike sharing. Its posse of champion hackers managed to gain remote control of Tesla’s Model S, forcing the US carmaker to roll out a security patch.腾讯还有为数众多的大手笔投资，持有人中国仅次于驾乘分享公司滴滴上下班(Didi Chuxing)的股份，也入股了多家初创企业。腾讯还投身于人工智能、电动汽车和共享单车领域。

腾讯的顶级黑客顺利地远程控制了特斯拉(Tesla)的Model S，被迫这家美国汽车制造商发售了一个安全补丁。“They started with distribution and now they are monetising everything they can,” says Scott Likens, a partner in the emerging tech practice at PwC. “It is the opposite of the traditional business where you’ve got the product and say, ‘Now let’s find the customers’.”“他们再行从渠道转行，如今正试图在所有力所能及的业务上构建货币化，”普华永道(PwC)新兴技术业务合伙人李敬思(Scott Likens)回应，“传统企业再行摸出有产品，然后说道‘现在让我们找寻客户吧’，腾讯却忽略。

”Fittingly, it is based in Shenzhen, a fishing backwater turned bustling metropolis across the border from Hong Kong. It was here that Deng Xiaoping in 1992 launched the then-isolated country on its rollicking ride into capitalism, and today it is China’s answer to Silicon Valley.总部在深圳和腾讯很有别。昔日领先渔村已沦为坐落香港的繁盛大都市，1992年，邓小平就是在这里引导当时还被孤立无援的中国踏上了生机勃勃的资本主义道路，如今，这里已沦为中国的硅谷。The company employs 3,000 workers, more than half of whom are in research and development. While its home market is by far and away the largest, Tencent has an overseas presence in many sectors — its WeChat payments app can even be used at Caesars Palace in Las Vegas.腾讯有3000名员工，其中多达一半专门从事研发工作。目前腾讯仅次于的市场在本土，但也在海外投身于众多行业，其WeChat缴纳应用于甚至可以在拉斯维加斯的凯撒宫酒店(Caesars Palace)用于。

“They are everywhere, the US, Europe — especially among Chinese speakers because if you want to contact business or family in China there is only one way to contact them, and that’s WeChat,” says Elinor Leung, a research analyst at CLSA.里昂证券(CLSA)研究分析师梁向奕(Elinor Leung)回应：“四处都在用，美国，欧洲——特别是在华语人群中，因为如果你想联系中国的做生意伙伴或家人，一般都只不会用WeChat。”Alongside Baidu and Alibaba, it is one of China’s three largest internet groups (they are collectively known as BAT). But its Hong Kong listing, in June 2004, differentiates Tencent from its rivals, which headed to the US capital markets.腾讯和百度、阿里巴巴相提并论“中国互联网三巨头”(BAT)。但腾讯于2014年6月在香港上市，大同小异都在美国上市的两家竞争对手。

That decision alone won it accolades. “Tencent has a better corporate governance than Google or Facebook,” says Richard Windsor, founder of independent research company Radio Free Mobile, pointing to its spurning of the dual-class shareholding allowed in the US but banned in Hong Kong.腾讯自由选择香港为上市地受到了赞誉。独立国家研究公司Radio Free Mobile创始人理查德.温莎(Richard Windsor)回应：“腾讯的公司管理水平好于谷歌(Google)和Facebook。”他所指的是腾讯退出了在美国容许但在香港禁令的双重股权结构。Strategically, however, it has evolved along similar lines to its Silicon Valley peers, says one banker. “Tencent has had a typical US-style upbringing: for the first three to four years [after its initial public offering] it did nothing; [management] just delivered on what they said they would.”然而，一位银行人士回应，从战略上来说，腾讯的发展道路与硅谷同行类似于。

“腾讯的发展有典型的美式风格：（IPO后）头三四年，它什么都没有做到；（管理层）只是还清了允诺。”That steady push up the ranks is typical of its founder, Pony Ma (his name is a pun: Ma means horse in Chinese). Unlike his namesake Jack Ma at Alibaba, Tencent’s Mr Ma shuns the limelight and favours a low-key sartorial style that colleagues and acquaintances say is emblematic of his nerdy persona.这种稳扎稳打的作法反映了腾讯创始人马化腾(Pony Ma)的风格，与同宗的阿里巴巴的马云(Jack Ma)有所不同，马化腾不讨厌沦为公众注目的焦点，他衣着高调，同事和朋友说道这合乎他的书呆子形象。An engineer by training, the 45-year-old is listed as the world’s 46th richest man by Forbes, with a net worth of $21.9bn. But he prefers philanthropy over a splashy lifestyle, with the only conspicuous display of his wealth being a palatial home in Hong Kong.作为科班出身的工程师，45岁的马化腾名列《福布斯》(Forbes)全球富豪榜第46位，净资产为219亿美元。

但与奢侈的生活方式比起，他更喜欢专门从事慈善，唯一突显个人财富的是他在香港的一幢豪宅。Paying for content收费内容Mr Ma started Tencent in 1998 as the messaging service QQ — not in a garage, Silicon Valley-style, but in a high-tech park in Shenzhen, jammed between hustlers selling pirated phones and PC repairs. Online gaming was added in 2004 and is now the group’s major revenue driver, accounting for Rmb18.2bn ($2.6bn), or almost half of its third-quarter sales. Unlike NetEase, its Chinese rival, Tencent has largely licensed rather than produced its own games.1998年，马化腾创立了腾讯，发售即时通讯服务QQ，不是像硅谷公司那样在车库创立，而是在深圳的一个科技园，那里剩是销售山寨手机的贩子和个人电脑(PC)修理商。2004年，腾讯投身于网络游戏，如今网游已沦为其主要收益来源，今年第三季度构建销售额182亿元人民币 (合26亿美元)，占到集团近一半。

与本土竞争对手网易(NetEase)有所不同，腾讯基本上只代理游戏，而不是自己制作。This year, however, it doubled down on its bet by paying $8.6bn for a majority stake in Clash of Clans developer Supercell, passing on some of the cost to a consortium of investors and keeping the Finnish developer’s management in place.不过今年腾讯增大了在游戏上的赌局，耗资86亿美元售予芬兰游戏开发公司Supercell多数股权，由一个投资者财团开销部分成本，并维持Supercell管理层恒定。Supercell出品的游戏还包括《部落冲突》(Clash of Clans)。“They have a long-term view on gaming,” says one banker, who reckons half of all deals they look at on a daily basis fall within the sector. “They are definitely looking outbound.”“他们在游戏领域具有将来眼光，”一位银行人士回应，“它们毫无疑问共创海外。

”他估算，在他们日常实地考察的交易中，有一半在游戏领域。More generally, content — specifically exclusive, copyrighted content — is a top priority for Tencent. It operates on a “freemium” revenue model, offering some content free and charging at the premium end.腾讯把内容（尤其是独家、有版权的内容）放到最重要方位上。

它使用“免费电子货币”模式，免费获取部分内容，对高端内容收费。This, Mr Tsang says, plays into “the increasing propensity of China users to pay for content” — something they initially shunned, turning instead to pirated movies and music.汇丰的曾琪回应，这合乎“中国用户日益不愿为内容收费的偏向”，中国用户最初不愿收费，宁可自由选择正版电影和音乐。“Over the past two years the government has cracked down on pirated content and even the ones you still get, the quality is so bad relative to what you can get from Baidu and the others,” he says. “And the operators have got smarter about putting quality content behind the paywall.”“过去两年中，中国政府仍然在压制正版内容，即便你现在仍可以取得正版内容，但与百度和其他供应商获取的内容比起，正版的质量十分差劲，”他回应，“对于怎么把优质内容摆放在收费墙后面，运营商显得更为聪慧了。

”Thus Tencent, which has exclusive coverage in China of the NBA basketball championships, can charge viewers Rmb22 a month for a basic subscription and Rmb60 for premium viewing.享有NBA中国大陆独家网络播放权的腾讯，对体育业务基础会员每月收费22元人民币，高端会员则收费60元人民币。Like Alibaba, Tencent “has gone well beyond copying [the west],” adds another banker. “They are inventing and reinventing what their businesses should be”. Tencent’s Moments feed on WeChat prefaced Facebook’s addition of Messenger and the $22bn acquisition of WhatsApp.另一位银行家补足称之为，与阿里巴巴一样，腾讯“远不止仿效（西方）”。“他们正在发明者和再行发明者业务模式”。

腾讯再行发售了微信朋友圈，Facebook才减少Messenger功能和以220亿美元并购WhatsApp。Payments are another case in point. China’s online third-party smartphone payments market dwarfs that of the US: iResearch estimates it to be worth Rmb15.7tn in 2016 — 28 times the $62.5bn forecast by eMarketer for the US in 2017 — and Rmb28.5tn in 2018.缴纳是另一个例子。中国的第三方智能手机在线缴纳市场让美国市场相形见绌：艾瑞咨询(iResearch)估算，中国这个市场2016年价值15.7万亿元人民币——是eMarketer预测的美国市场2017年625亿美元价值的28倍——到2018年将超过28.5万亿元人民币。

It is dominated by Alipay, which is operated by Alibaba affiliate Ant Financial and has more than half the market, but TenPay ranks second with a 38.3 per cent share in the third quarter, according to Citibank.缴纳市场由支付宝(Alipay)主导，后者由阿里巴巴旗下蚂蚁金服(Ant Financial)运营，占据逾一半的市场份额，但花旗银行(Citibank)数据表明，今年第三季度财付通(Tenpay)以38.3%的份额名列第二。Tencent’s Mr Ma said in May that the average number of mobile transactions exceeded 500m a day, and that over Chinese new year — when it is traditional to hand out hong bao, or red envelopes of money — more than 2.5bn virtual packets were distributed across its platform.马化腾今年5月回应，腾讯移动支付日均交易多达5亿笔，在具有发红包传统的中国农历新年期间，逾25亿个虚拟世界红包通过其平台收到。

Tencent favours a cautious approach to monetising its database of active monthly users. Rather than blitz Moments with ads and risk the sort of backlash dished out to Facebook, Tencent has restricted itself for now to a maximum of one ad per user each day.腾讯对于从其月度活跃用户数据库提供盈利所持慎重态度。它目前容许每位用户每天最多发一条广告，而不是在朋友圈用广告狂轰滥炸，从而像Facebook那样遭到杯葛。UBS estimates WeChat Moments’ ad load at about 1 per cent of non-advertising content, compared with 7-10 per cent for Facebook, leaving big scope for growth. In 2015, online advertising made up 17 per cent of revenues.瑞银(UBS)估算，微信朋友圈的广告量与非广告内容的比率约是1%，而Facebook的这一比例是7%-10%，这让微信有了相当大的快速增长空间。2015年，在线广告占到到微信收益的17%。

China’s mobile ad market was worth Rmb90bn in 2015, according to iResearch, up 178 per cent year on year, and is forecast to grow at a compound annual rate of 54 per cent from 2015 to 2018.艾瑞咨询回应，中国移动广告市场在2015年价值900亿元人民币，同比快速增长178%，并预计从2015年到2018年期间填充快速增长年率超过54%。Yet monetising the subscribers — and its database — offers the real keys to the kingdom for China’s BAT contingent and their global peers.然而，对中国互联网三巨头及其全球同行来说，从用户（及其数据库）身上盈利可以带给确实的修筑王朝之钥。Native ads are increasing in China, as elsewhere, and Tencent is helping to rewrite the rules of engagement for digital advertising. Take the entertainment show A Date with a Superstar, produced by Tencent and sponsored by L’Oréal, whose cosmetic products twirl across the screen. Ad Age describes the show as “essentially a giant commercial”.与其他地区一样，中国原生广告日益增长，腾讯于是以协助重写数字广告的业务规则。

以腾讯制作、欧莱雅(LOréal)赞助商的娱乐节目《大约吧，大明星》(A Date with a Superstar)为事例，欧莱雅的化妆品漂浮在屏幕上。广告时代(Ad Age)将这个节目叙述为“本质上是一部商业大片”。Other consumer goods companies are following suit with similar partnerships. “They’re attracting the big spenders who have been active in TV and are now embracing online advertising,” says one analyst.其他消费品公司争相效仿，进行类似于的合作。

一位分析师回应：“它们正在更有以前活跃在电视上、现在亲吻在线广告的大金主。”Not everyone buys the monetisation story. Mr Windsor argues that Tencent’s different platforms make it harder to aggregate and exploit the big data they are sitting on. QQ and WeChat have yet to be fully integrated, for example.并非所有人都寄予厚望货币化故事。

温莎认为，腾讯各个有所不同的平台让它更加无以统合利用它们坐拥的大数据。例如，QQ和微信目前为止仍并未几乎统合。“I don’t see Tencent being ready to grab this opportunity in 2017, and so in the short term a slowdown looks inevitable,” he says.他说道：“我指出腾讯还没准备好在2017年逃跑这个机遇，因此短期内上升变得不可避免。”Big data, Big brother大数据，老大哥Calling China home offers the BAT companies a huge advantage: international competitors are largely locked out and the trio owe at least part of their success to the absence of the likes of Facebook, Twitter and Google.中国互联网三巨头的本土身份具备很大优势：国际竞争对手基本上被回避独自，三巨头的顺利最少部分归咎于没面对Facebook、Twitter和谷歌等的竞争。

However, calling communist China home has a darker side, and an Orwellian shadow hangs over the BAT.然而，在社会主义中国享有本土身份也有有利的一面，极权阴影笼罩着互联网三巨头。The first is straightforward censorship. Usefully for its global expansion, Tencent’s WeChat operates two systems of censorship, with users registered outside China able to access more sensitive words than those inside the country.首先是具体的审查制度。腾讯的微信有两套审查制度，在中国境外登记的用户需要比国内登记用户看见更加脆弱的话语，这不利于其全球的扩展。

Potentially more insidious are China’s plans to build a social credit rating system based on online behaviour. At face value, this plugs a glaring gap. China’s rapid but uneven development means only an estimated 20-30 per cent of the population is covered by the existing rating system, says Alfred Shang, a financial services partner at Bain Co.更加不为人知的审查有可能来自中国基于在线不道德创建社会信用评级体系的计划。表面显然，这能空缺一个显著的空白。贝恩公司(Bain Co)的金融服务合伙人项安达(Alfred Shang)回应，中国较慢但不平衡的发展意味著，估算只有20%-30%的人口被现有的评级体系覆盖面积。The fears in China go beyond being excluded from loans due to their online profile. Some fear the plan, published by Beijing last year and due to roll out nationwide by 2020, aims to use algorithms and big data to rate citizens’ “honesty” and “trustworthiness” alongside their creditworthiness. At the worst, say privacy advocates, the system is designed for mass surveillance.令人担忧的不只是因为在线记录不欠佳而无法取得贷款。

一些人担忧，中国政府去年公布的这份将不会到2020年全国实行的计划，目的用于算法和大数据对公民的“真诚”、“长胜”和信誉展开评价。提倡维护隐私的人士回应，最差劲的情况是该体系的目的有可能是为了实行大规模的监控。“I kind of worry if Chinese users are going to push back against that,” says one analyst. “A credit score is one thing, but a social score seems a little bit overstepping that.”一位分析师回应：“我有点担忧中国用户否不会镇压，信用评分是一方面，但社会评分或许有点过头。”PwC’s Mr Likens adds: “I think there’s a dangerous slope. You are getting access to really personal data now. You are getting into who I am as a person and that does bring up some concerns.”普华永道的李敬思补足称之为：“我指出这是个危险性的偏向。

你现在需要提供确实的个人数据。你转入我私人的领域，这的确不会引起一些忧虑。”The plan is ambitious and observers question the ability to roll it out by 2020. Until then — and probably afterwards as well — the big data amassed by Tencent and its peers are primarily viewed at face value: a fabulous treasure trove of consumer information on shopping, eating, travelling and wealth.该计划雄心勃勃，观察者们猜测到2020年否需要全面推行。到时（也许2020年以后也是），腾讯及其同行搜集的大数据不会被严肃看来：一个关于消费者购物、餐饮、旅游和财富的极大信息宝藏。

Additional reporting by Yuan Yang找寻独角兽企业：并购潮让硅谷风投黯然失色Looking for unicorns: Buying spree puts Valley VCs in shadeTencent is an avid dealmaker. In the past 18 months the company has spent $37.65bn on acquisitions, according to Dealogic data — more than the $26.6bn spent by Sequoia, the Silicon Valley venture capital group, over the same period.腾讯热衷签订交易。Dealogic数据表明，在过去18个月里，腾讯耗资376.5亿美元展开并购，多达了硅谷风险资本集团红杉资本(Sequoia)同期266亿美元的并购额。Supercell, the Finnish games group behind Clash of Clans, tops Tencent’s list. But there is a long tail of smaller deals that falls broadly into two categories — stakes in big tech players in China and smaller incubation-style deals. “They’re out there looking for unicorns,” as one banker puts it.腾讯最大规模的收购交易是并购了发售《部落战争》(Clash of Clans)的芬兰游戏集团Supercell。但还有其他一长串较小规模的交易，这基本上可以分成两类，一类是买入中国大型科技集团的股权，另一类是较小的孵化器风格的交易。

一位银行家回应：“他们在那里找寻独角兽企业。”That makes it distinct from Alibaba, which is less keen on minority stakes. But there is another difference, notes Elinor Leung, an analyst at CLSA: Tencent is building a business ecosystem on top of a social network while Alibaba has a business ecosystem and is building a social platform.这让它不同于阿里巴巴，后者不过于热衷少数股权。

但里昂证券的梁向奕认为，另一点有所不同是，腾讯在社交网络的基础之上打造出商业生态系统，而阿里巴巴早已有了商业生态系统，正在打造出社交平台。Tencent’s stakes in China’s tech world include Didi Chuxing, the taxi hailing app now part owned by Uber and Apple; ecommerce website JD.com; the Craigslist-style 58.Com; and food delivery app Meituan-Dianping. All of these sites accept TenPay.腾讯大股东的中国科技企业还包括现在由优步(Uber)和苹果(Apple)部分股权的叫车服务应用于滴滴上下班(Didi Chuxing)；电商网站京东(JD.com)；Craigslist风格的58同城(58.com)以及送餐应用于美团评论(Meituan-Dianping)。

所有这些网站都拒绝接受财付通缴纳。“They are just putting everything on their platform,” says Ms Leung.梁向奕回应：“它们只是把一切东西放到自己的平台上。”Tencent is helped in its investment endeavours by having bankers at the top. Both Martin Lau, president, and James Mitchell, chief strategy officer, are Goldman Sachs alumni.腾讯有银行家兼任高层职务，这有助其投资活动。

总裁刘炽平(Martin Lau)和首席战略官詹姆斯.米切尔(James Mitchell)都曾在高盛(Goldman Sachs)工作过。Rival lawyers and investment bankers express respect about Tencent’s approach to cutting deals. “No renegotiations, no dramas,” says one party who has sat around the table with them.竞争对手的律师和投行家们对腾讯签订交易的方法传达了崇敬。一位与他们谈判的当事人回应：“没新的谈判，就没峰回路转。

”Adds another: “They are very principled, very progressive. and Chinese to just the right level.”另一人补足称之为：“他们十分有原则，十分专制，是十分庄重的中国人。

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