Tencent eyeing 'reel' glory

Internet giant banks on its two units for film-related business Competition in China's movie sector has intensified with Internet giant Tencent Holdings Ltd entering the multi-billion industry with two new film units.

Tencent established a new company called Tencent Pictures on Thursday, highlighting its ambition to tap into the world's second-largest movie market. The move comes close on the heels of setting up a movie venture last week.

"Our goal is not just to make movies. We are building a pan-entertainment ecosystem which includes games, books, TV dramas and animation," said Cheng Wu, chief executive officer of the new group.