Tencent (OTC: TCEHY) and Apple (NASDAQ: AAPL) don't initially look like competitors. Chinese tech giant Tencent owns a diverse portfolio of gaming, mobile messaging, cloud, payments, and streaming media services. Apple generates most of its revenue from high-end hardware devices.
However, the two companies' ecosystems have started overlapping in recent years. Tencent's mobile messaging app WeChat, which serves 1.16 billion monthly active users with over 300 million integrated Mini Programs, is pulling users away from Apple's App Store in China. Tencent's gaming, music, and streaming video businesses also compete against Apple's expanding ecosystem of subscription-based services.
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Source Fool.com