Tencent  (TCTZF) , a China-based social media and technology company, reported a 47% rise for its fourth quarter profit on Wednesday, driven by a strengthening cloud services revenue stream.

Revenue growth from payment and cloud services drove a 263% uptick in revenue to 17.2 billion yuan for its business line outside value-added services and online advertising.

The company is now contesting cloud rival Alibaba (BABA) - Get Report, a Chinese e-commerce giant, as the market leader in cloud services.