Tencent co-invests $29m in automobile news provider Youche Yihou

FILE PHOTO: WeChat mascots are displayed inside Tencent office at the TIT Creativity Industry Zone in Guangzhou, China May 9, 2017. REUTERS/Bobby Yip/File Photo

China’s biggest social media and gaming company Tencent has co-invested RMB200 million ($29.07 million) in automobile news and information provider Youche Yihou, China Money Network reported.

Other investors in the new round include China’s venture capital firm Plum Ventures, Ningbo Xinmei Asset Management Co., Shenzhen Oriental Fortune Capital Co. and Blueprint Innovation Investment Management Co., said Plum Ventures in the statement released on its WeChat account.

Founded in 2014, Youche Yihou Information Technology Co. Ltd is a private company engaged in automobile news and information, 24-hour online auto Q&A and integrated marketing dissemination.

Tencent, China’s biggest social media and gaming company, also runs China’s dominant social network, WeChat, with more than 1 billion users.

In October last year, Tencent Holdings announced its first restructuring in six years, done at a time it faces increased challenges from tighter government regulations.

In November, the company signed an agreement with Southeast Asian internet company Sea Ltd’s entertainment unit Garena to publish and distribute the latter’s mobile and PC games in Indonesia, Taiwan, Thailand, the Philippines, Malaysia and Singapore.

The five-year arrangement will further strengthen the strategic partnership between Tencent and Garena, which already publishes some of the most successful games from Tencent’s portfolio including, Arena of Valor and League of Legends, in its core markets, Sea said in a statement. Sea counts Tencent as its biggest shareholder.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.