Chinese Tech Giants Make Move on U.S. Firms

Tencent's bid for Snapchat is the latest in a string of Chinese overseas investments

By Per Liljas

The Chinese social-networking and gaming company Tencent is set to lead a $200 million fundraising round for the messaging app Snapchat, the latest in a string of Chinese investments in the U.S.

Chinese tech behemoths like Tencent and Alibaba, both valued at around $100 billion, have seen domestic growth slowing in recent years and are increasingly looking abroad for opportunities to expand, reports the Wall Street Journal.

Last month, Alibaba took the lead on a $206 million investment in Amazon rival ShopRunner, and this summer Tencent led a $150 million investment in Fab.com, following a series of American gaming acquisitions.

The bid on Snapchat may be a way for Tencent to attempt to go global with its own messaging app WeChat, whose 236 million monthly active users are mainly based in China.

Read more: Chinese Tech Giant Tencent Bids for Snapchat | TIME.com http://business.time.com/2013/11/05/chinese-tech-giants-make-move-on-silicon-valley/#ixzz2jnJ8TndF