Photo: Reuters/Aly Song
Photo: Reuters/Aly Song

Chinese tech giant Tencent has rapidly ascended from twelfth to fourth place in the Top 50 Most Innovative Companies published by Fast Company, a monthly American business magazine, reported.

Tencent moved up the list because of its strategy of “content is king,” the report said. Also, the vast number of the users of its social media messaging app WeChat has surpassed that of China’s smartphone ownership.

The company already controls the largest gaming traffic in the world and is expected to expand into TV shows and movies. Its music and video business contributed 59% year-on-year growth to Tencent’s revenues during the first half of 2017, the report said.

However, it is noteworthy that Chinese companies such as Alibaba, Baidu, Huawei, Xiaomi and Dalian Wanda which were on the list last year were left out. Even global tech giant Google couldn’t make it into the Top 50.

The 50 companies are chosen out of more than 350 companies in 36 industries around the world, including the world’s leading technology companies with the largest market capitalization and start-ups.