Tencent to Invest in Social Networking Company Kaixin

(Beijing) – Chinese social networking platform Kaixin001.com announced October 31 that China's largest internet service portal Tencent, Inc. has agreed to make a strategic investment in the company.

Kaixin has hired Citigroup Global Market Asia Ltd.as its financial advisor for the deal. It has yet to announce details on the investment.

Kaixin's Vice President Guo Wei said discussions for the deal between Kaixin's founder Cheng Binhao and Tencent's founder and CEO Ma Huateng began at the start of the year.