Facebook眼下最大的挑战是如何让公众相信，它进一步发展不会毁灭社会。相比之下，拥有4.4万亿港元(合5600亿美元)市值的腾讯(Tencent)可以毫不困难地说服投资者，它能够保持增长。
On Wednesday the group announced annual revenues of Rmb237bn ($37bn) — 56 per cent more than the prior year. This undershot market predictions, but profit margins gained slightly. Some had feared pressures from growth investments and China’s merciless online competition could increase.
腾讯在周三公布全年实现收入2377亿元人民币(合370亿美元)，较上一年增长56%。收入水平没有达到市场预期，但利润率略微上升。有些人原本担心，为了提升增长所做的一些投资，以及中国在线市场残酷的竞争，可能使腾讯承受着更大的压力。
While the group’s core gaming business suffered a weak quarter, investors should take heart from the fourth quarter’s advertising revenues, which were higher by half than a year ago, comprising almost a fifth of the total. In the past the group was criticised for not growing the segment aggressively enough.
尽管腾讯核心的游戏业务在第四季度表现稍逊，但投资者应该会感到欣喜的是，该季度广告收入比上年同期增长了一半，几乎占总收入的五分之一。在过去，腾讯曾被批评没有大力发展广告业务。
Its gaming heritage has infused the company with confidence in subscription-based content businesses. Tencent operates video, music and online reading businesses and has vowed to expand these, in part by acquisition. Earlier this month the company trumpeted investments of more than $1bn in the two leading providers of live gaming video streams, where aficionados can watch other gamers perform.
多年经营游戏积累下来的经验让腾讯对开展订阅内容业务充满信心。腾讯经营视频、音乐和在线阅读等业务，并承诺要通过收购等方式来扩大这些业务。本月早些时候，腾讯宣布对两个领先的游戏直播平台投资逾10亿美元。
Tencent must justify its price-to-earnings ratio with explosive growth. It has widened by a third to 40 since early 2017. Limits to this speedy growth will come from domestic competition. Baidu, Alibaba, and Tencent fight each other in ecommerce, artificial intelligence, advertising and the cloud. A privacy backlash by users and regulators against American online groups is likely to spell further problems for the Chinese firms, already subject to increased scrutiny in lucrative western markets.
腾讯必须以迅猛增长来佐证其高市盈率。自2017年初以来，腾讯股票市盈率提高了三分之一，达到40倍。国内竞争将限制这种快速增长。百度(Baidu)、阿里巴巴(Alibaba)和腾讯在电子商务、人工智能、广告和云等领域彼此厮杀。美国网络集团因隐私权问题招致用户和监管机构的反弹，这可能预示着中国互联网公司未来还会遭遇到什么问题。在充满赚钱机会的西方市场，中国公司已经受到了严厉审查。
Until then, Tencent has many fronts on which it can continue increasing revenue. Chinese tech valuations should also get a boost simply because they have so far avoided the scandals engulfing Silicon Valley.
在那之前，腾讯还可以在很多方面继续扩大收入。硅谷深陷种种丑闻，而中国科技公司至今没有曝出任何类似的丑闻，单凭这一点就可以给它们的估值带来一个提振。
