On January 19, CITIC Group and Tencent signed the strategic framework agreement in Shenzhen, announcing that they will strength business cooperation in different technical fields such as Cloud Computing and Big Data, Blockchain and Artificial Intelligence, and will actively explore the digital transformation path for those existing physical businesses.

According to the agreement, both parties will leverage its own advantages, i.e. CITIC Group’s rich resources and Tencent’s Internet technology experience,to jointly strengthen in-depth collaboration and innovation development on Internet platform in order to come up with Internet + solutions, thus optimizing new business model and putting new technology into application.

CITIC Group has been cooperating with Tencent in many fields such as investment and financing, asset management, telecommunication service and cultural publishing. And this agreement has further raised the cooperation to both Groups’ strategic level.

First of all, Tencent Cloud would be a strategic partner of CITIC Group. Tencent will leverage its strength in cloud services and big data to tailor Internet solutions for CITIC Group’s businesses, such as finance and retail.

Secondly, in the fields of new technologies such as artificial intelligence and blockchain, the related businesses of CITIC Group will establish cooperation relationships with Tencent AI Lab and Tencent Youtu Labs to explore the application of AI in CITIC’s business, such as the use of image recognition, and AI customer service.

In addition, CITIC will build the WeChat ecosystem with Tencent. Tencent will actively assist CITIC Group in the building up of WeChat public account, WeChat enterprise account, WeChat payment system and applet program to continuously improve the quality of content and service capabilities.

This cooperation scope is not limited to scientific and technological innovation areas. CITIC Group will also leverage its comprehensive financial advantages to provide diversified financial services for strategic & major projects of Tencent, as well as strengthening cooperation in fund establishment, joint investment, product innovation and customer diversion. At the same time, both parties will explore cooperations in areas of telecommunications services, navigation platforms, smart communities, smart healthcare and innovation, etc.

The Board Office of CITIC Group, Business Synergy Department, Committees of Internet + Transformation Working Group, CITIC Bank, CITIC Securities, CITIC Telecom International, CITIC Medical & Health, CITIC Press and other subsidiaries, the representatives of Tencent’s relevant business unit attended the signing ceremony.

As part of the strategic cooperation, CITIC Telecom International and Tencent will explore relevant cooperation in the fields of telecommunications & infocommunications.