Tencent Reportedly Close to Sealing Large Stake in Kuaishou

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By Isabelle Li / Aug 07, 2019 03:48 PM / Business & Tech

Photo: IC Photo

Chinese internet giant Tencent is reportedly close to acquiring a 30% to 40% stake in popular livestreaming app Kuaishou.

The potential deal would value Kuaishou at a minimum of $25 billion, Chinese news outlet Beijing News reported Friday, citing multiple anonymous sources.

Tencent declined to comment on the rumors. Sources from the company told Caixin Tuesday that the deal is still under discussion and the details may yet change.

One of the most popular short video platforms in China, Kuaishou — a major competitor to market leader TikTok — had 160 million daily active users by the end of 2018, according to a company press release. Tencent has backed Kuaishou several times in the past, investing in three of Kuaishou’s eight rounds of fundraising to date.

Contact reporter Isabelle Li (isabelleli@caixin.com)

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