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.