China’s Tencent buys Google-backed social-networking co -report

SHANGHAI, Aug 24 (BestGrowthStock) – China’s largest Internet company
Tencent Holdings Ltd (0700.HK: ) has bought a Google-backed Chinese
social networking company for more than $60 million, the China
Business News reported on Tuesday.

Tencent, China’s No.1 online game operator and its largest
instant messaging provider, had bought Comsenz, a Beijing-based
social-networking provider, Comsenz said in a statement on its
website. Comsenz is backed by Google Inc (Read more about Google Stock Analysis) (GOOG.O: ), Sequoia
Capital and Morningside Ventures. Read More About Google Stock Research.

The deal was reportedly worth more than $60 million, the
newspaper said, quoting a source familiar with the situation.

Tencent could not be reached for comment.

Tencent, which bought a 10 percent stake in Russian Facebook
investor Digital Sky Technologies (DST) for $300 million earlier
this year, could be on the look out for more acquisitions as it
seeks to expand its dominance beyond China.

China’s Internet space is becoming more cut-throat as users
become more sophisticated and selective over which products and
services they use and companies jostle for attention in an
increasingly crowded arena. China is the world’s largest Internet
market by users with 420 million online. Read more about Asian Stocks.
(Reporting by Melanie Lee; Editing by Chris Lewis)

China’s Tencent buys Google-backed social-networking co -report