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Tencent‘s outsize influence in China‘s online world is ballast that

should steady it as it targets business customers. For sheer scale, WeChat

seemslikely to hold its own. It has given Tencent a powerful distribution

channel for its own games, and has allowed it to stymie new rival products,

including Douyin, by blocking them from its platform. But the giant is

under pressure, and seems to know it. We have to stay awake," urged its

president, Martin Lau, last month. Such introspection is necessary. Mr

Chow says it was thought until this year that Tencent could win every

battle. With more formidable competitors on the scene, the company will

need to pick its fights more carefully.

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