Tencent-backed China Literature acquires 20% stake in Thai startup OBU

Tencent-backed China Literature acquires 20% stake in Thai startup OBU

A welcome screen for the QQ Reading application, operated by China Literature Ltd., a unit of Tencent Holdings Ltd., is displayed on an Apple Inc. iPad Mini in an arranged photograph taken in Hong Kong, China, on Wednesday, Oct. 25, 2017. Photographer: Anthony Kwan/Bloomberg

China Literature, the e-books business spun off by Tencent Holdings Ltd, has agreed to acquire a 20-per cent stake in Thai startup OBU for $10.5 million, according to a Hong Kong exchange filing.

Shanghai-based China Literature is one of the country’s largest online literature platform. It owns nine major branded products and its flagship is QQ Reading, a mobile aggregation and distribution platform. Tencent holds a controlling stake in the company.

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