Tencent said to invest US$2bil in short-video app Kuaishou as competition heats up with ByteDance

Kuaishou reached more than 200 million daily active users as of June, doubling the number from a year ago, the company said in July. — SCMP

Tencent Holdings, China’s biggest gaming and social media company, is reported to be in the final stages of a new round of investment into short-video app Kuaishou as competition heats up with ByteDance, operator of popular video platforms Douyin and TikTok.

Shenzhen-based Tencent is set to finalise a new US$2bil (RM8.31bil) investment in Kuaishou, which would boost the startup’s valuation to US$28bil (RM116.42bil), according to a report by The Information on Tuesday, citing people familiar with the matter. The Beijing-based video platform recorded a strong financial performance in the first three quarters, posting nearly 2bil yuan (RM1.18bil) in net profit on revenues of 27bil yuan (RM15.96bil), the report said.