Technology: Tencent-Backed Kuaishou and Baidu Invest $434 Million in Zhihu - PressFrom - US
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TechnologyTencent-Backed Kuaishou and Baidu Invest $434 Million in Zhihu

04:46  13 august  2019
04:46  13 august  2019 Source:   msn.com

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Chinese live-video streaming start-up Kuaishou , backed by Tencent , is nearing the close of a billion funding round led by the tech giant and plans to list Video-streaming app Kuaishou is pictured on a mobile phone in this illustration picture taken January 25, 2018. REUTERS/Florence Lo/Illustration.

Tencent - backed Chinese startup Kuaishou is seeking to raise funds at about a billion valuation The latest investment in Kuaishou or “fast hand” -- a video platform in the same vein as Instagram The company, also backed by Baidu Inc., competed with news aggregation giant Beijing Bytedance

(Bloomberg) -- Zhihu, China’s answer to online Q&A service Quora, raised $434 million from investors including China’s largest social media companies and search engine to bankroll its expansion.

Kuaishou, one of China’s biggest live-streaming platforms, led the investment in Zhihu, according to a statement from China Renaissance Holdings Ltd., which advised on the deal. Zhihu, whose name means “know?" in Chinese, also lured search giant Baidu Inc. as a new investor.

The investments could help Kuaishou and Baidu amass more online content as the pair fend off competition. Through the financing, Baidu will add more than 100 million of Zhihu’s Q&A posts to its main mobile app, which is a combination of search engine and news feed, according to a statement from Baidu.

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Platforms like Kuaishou and Douyin allow their millions of users to upload short video clips that are popular with Chinese youth. In March, Bilibili raised more than 0 million in a New York initial public offering. AcFun, however, has been facing financial and other troubles including a major server

Baidu ’s iQiyi, a Netflix-style streaming service, raised .3bn in an initial public offering in New York last month. The platform uses AI-powered Another sector leader is Tencent - backed Kuaishou , which provides a range of editing and beautifying filters and other tools to ensure users can make polished

Zhihu is "recognized for its unique knowledge creation and sharing community," Wang Lixing, a China Renaissance managing director, said in the statement. "The cooperation between Zhihu, Kuaishou and Baidu will create huge synergies and lay the foundation for long-term development."

Founded by coder-turned tech blogger Zhou Yuan, Zhihu has evolved over the past eight years to become one of China’s most reputable social media platforms, known for its high-quality Q&As on everything from films to football to foreign policy.

Both Baidu and Kuaishou are engaged in a fierce battle with the world’s largest startup, Beijing-based Bytedance Inc. China’s smartphone-savvy users are flocking to mobile apps operated by Bytedance, known for its short videos and personalized news feed.

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Platforms like Kuaishou and Douyin allow their millions of users to upload short video clips that are popular with Chinese youth. In March, Bilibili raised more than 0 million in a New York initial public offering. AcFun, however, has been facing financial and other troubles including a major server

Following the investment , Kuaishou said it will work with Tencent and Baidu on product, tech and distribution. It plans to use the capital to invest in artificial intelligence and other R&D to further develop its product. While it doesn’t compete directly with Snapchat or Instagram in China — Kuaishou does

Zhihu’s existing backers, social messaging giant Tencent Holdings Ltd. and Capital Today, also invested in the new round.

To contact the reporters on this story: Zheping Huang in Hong Kong at [email protected];Lulu Yilun Chen in Hong Kong at [email protected]

To contact the editors responsible for this story: Peter Elstrom at [email protected], Alistair Barr, Andrew Pollack

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©2019 Bloomberg L.P.

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