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Russia Looks to WeChat and Douyin to Build Max Messaging Platform

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Russia is turning to Chinese digital platforms as benchmarks for developing its domestic messaging ecosystem, with VK aiming to transform its Max app into a multifunctional “super app.”

According to CEO Vladimir Kiriyenko, the company is closely studying WeChat—developed by Tencent—and Douyin, the Chinese counterpart of TikTok, as models for integrating messaging, payments, e-commerce and business services into a single platform.

The Kremlin has been actively promoting Max as a domestic alternative to Telegram, which remains the most widely used messaging service in Russia. However, adoption has been limited, with users citing weaker functionality compared to established platforms.

VK aims to replicate the “platform economy” approach seen in China, where apps serve as ecosystems combining communication, financial services and commerce. Kiriyenko noted that Max will leverage an open architecture to integrate third-party chatbots and services, enabling businesses to interact directly with users. Around 500,000 companies have already registered on the platform.

The strategy includes incorporating features inspired by WeChat’s mini-program ecosystem and Douyin’s content-driven e-commerce model, where users discover and purchase products through creator-led content.

Russia’s push reflects broader efforts to reduce reliance on foreign technology platforms while fostering domestic digital infrastructure. However, replicating the scale and functionality of Chinese super apps presents significant technical and adoption challenges.

Tencent Cites Uncertainty Over U.S. AI Chip Imports Amid Government Talks

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Chinese tech giant Tencent said Wednesday it lacks clarity on the status of U.S. AI chip imports, as Beijing and Washington continue negotiations, though it maintains sufficient inventory for its AI operations.

IMPORT UNCERTAINTY
Tencent President Martin Lau noted that ongoing discussions between the two governments have left the company without a definitive answer on AI chip imports, particularly Nvidia’s H20 chips, designed for the Chinese market and recently scrutinized for security concerns. Lau emphasized that the uncertainty will not constrain Tencent’s AI ambitions, as the company has multiple deployment options and adequate supplies for AI model training.

Q2 PERFORMANCE
Tencent reported strong second-quarter results, beating analyst expectations:

  • Revenue: 184.5 billion yuan ($25.7B), +15% YoY (est. 178.5B)

  • Domestic gaming revenue: 40.4 billion yuan, +17% YoY

  • International gaming revenue: 18.8 billion yuan, +35% YoY

  • Marketing services revenue: 35.8 billion yuan, +20% YoY

  • Net profit: 55.6 billion yuan (est. 52.3B)

AI STRATEGY AND INVESTMENTS
Tencent continues to invest in AI while moderating capital expenditure, which fell to 19.1 billion yuan in Q2 after higher spending in previous quarters. The company is focused on sustainable monetization of its AI initiatives.

Tencent has developed its Hunyuan large language model, releasing the “Turbo S” version in February, while also integrating third-party AI models like DeepSeek across platforms including WeChat, which boasts over 1 billion monthly active users.

Tencent Says AI Chip Stockpiles Shield It from U.S. Curbs as Q1 Revenue Beats Forecasts

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Tencent Holdings reported a strong 13% year-on-year revenue increase in the first quarter of 2024, reaching 180 billion yuan ($24.97 billion) and beating analysts’ expectations. The gains were largely fueled by growth in domestic and international gaming, AI-powered advertising, and financial technology services.

Despite ongoing U.S. restrictions on advanced chip exports, Tencent President Martin Lau downplayed the impact, stating that the company had previously stockpiled AI chips, enabling it to maintain momentum in its artificial intelligence development plans.

“The good thing is that we have a strong stockpile of chips… useful for executing our AI strategy,” Lau said during the earnings call.

While Nvidia’s H20 chip and other high-end processors have been barred from sale to Chinese firms under U.S. export restrictions, Tencent noted that alternative chips are available domestically, and its software advancements would help optimize chip usage.

Key Financial Highlights (Q1 2024):

  • Revenue: 180 billion yuan (vs. 174.6B expected, LSEG)

  • Net profit: 47.8 billion yuan (below 52.2B analyst estimate)

  • Domestic gaming revenue: Up 24% to 42.9B yuan

  • International gaming revenue: Up 23% to 16.6B yuan

  • Marketing services revenue: Up 22% to 17.7B yuan

  • FinTech & Business Services revenue: Up 16% to 27.6B yuan

AI and Strategic Investments

Tencent reaffirmed its commitment to AI development, planning to allocate a low double-digit percentage of 2025 revenue to capital expenditure, primarily targeting AI infrastructure. The company continues to evolve its proprietary large language model Hunyuan, and recently released a public-facing version named T1.

Tencent has also emerged as a collaborative leader among Chinese tech giants, integrating AI models from DeepSeek, an emerging firm known for developing competitive, cost-efficient alternatives to Western AI systems.

Broader Implications

The company’s performance illustrates Tencent’s resilience in the face of geopolitical tech tensions, while demonstrating the commercial viability of China’s AI ecosystem—even under hardware constraints. Its diverse revenue base, spanning gaming, advertising, and financial services, is increasingly supported by AI innovation, keeping Tencent at the forefront of China’s digital economy.