Tencent leads $350m round in Chinese live broadcasting app Kuaishou

Visitors use their smartphones underneath the logo of Tencent at the Global Mobile Internet Conference in Beijing May 6, 2014. REUTERS/Kim Kyung-Hoon/File Photo

Kuaishou, the Chinese video streaming service popular with rural communities and migrant workers, has raised $350 million in a funding round led by internet giant Tencent Holdings Ltd.

The latest investment comes as tech giants from Tencent to Alibaba Group Holding Ltd. invest billions of dollars in video content and services, hoping to convert time spent on these platforms into online ad revenue. Tencent joins rival Baidu Inc. as a backer of Kuaishou, which announced the investment in an email without mentioning a valuation.

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