The WeChat parent company will invest in startups working with technologies like artificial intelligence and cloud computing, according to CNBC.
Tencent's pledge comes at a time when the Chinese government has called on the business sector to advance "new infrastructure" as a way forward from the economic impact of the novel coronavirus (COVID-19) pandemic.
The other projects in the new infrastructure plan include 5G mobile network technology and electric vehicles.
China's Premier Li Keqiang on Friday announced that the government would issue nearly $140 billion in bonds to help fund some of these efforts, as reported by CNBC earlier.
Tencent on Monday said it was also looking to raise up to $20 billion in a new bond offering to professional investors.
Why It Matters
Tencent's cloud subsidiary had only about 18% of the Chinese market share, compared to Alibaba's 46.4% at the end of the fourth quarter last year, according to data from research firm Canalys, reported by Reuters.
Alibaba further committed nearly $28 billion towards cloud computing in April.
Tencent stock closed 2.33% higher at $53.91 per share in the otc market on Tuesday.
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