Instant communications service provider Tencent has announced plans to spend over CNY100 million to build an Internet research institute, the first of its kind in China.

The research institute, which is called Tencent Research Institute, will be mainly focused on forecasting future technology and market development trends; making development and research plans; studying and developing core technology; and improving Tencent's technical strength and innovation capacity so as to better serve the users.

Ma Huateng, CEO of Tencent says that the company plans to invest over CNY100 million on this project and will be committed to establishing a top class team to turn this project into a first class Internet technology research platform as well as a core technology R&D platform for the company. Ma's final goal is to make this institute one of the most advanced Internet technology research institutes in the world.