(Yicai Global) March 22 -- China's biggest tech firm Tencent Holdings Ltd. plans to amplify investment this year after pocketing CNY71.5 billion (USD11 billion) in net profit last year, up 43 percent from 2016 to beat market expectations.

Revenue at the Shenzhen-based titan soared 56 percent on the year to almost CNY238 billion, with CNY66 billion coming in the fourth quarter, according to its financial report. Final quarter income from online games was the biggest contributor, bringing in more than CNY24 billion, up 32 percent on the year. Payment and cloud services grew the fastest, rising 121 percent to CNY14 billion.

Tencent is significantly increasing investment in video, payments, cloud services, artificial intelligence and smart retail, said Chairman Pony Ma, who is also China's richest man. The firm hopes to bring long-term value and growth opportunities, even if that means taking a short-term hit on profitability.

Tencent is the world's largest gaming company, but is also renowned for WeChat, China's most popular social app and home to more than a billion monthly active users. Over the past six months, it has invested in a bunch of tech unicorns, including short-video platform Kuaishou and live-streaming platforms Douyu and Huya, all of which have recently unveiled plans to list in the United States.