Tencent, one of the biggest web companies in China, is investing $300m in Digital Sky Technologies of Russia, bringing two internet powerhouses of the emerging markets together in a long-term strategic partnership.
The move is the latest sign that Chinese internet companies are looking to diversify beyond their home markets. It could provide an early indication of whether a Chinese internet company can transfer its success to international markets.
DST owns several popular web properties in Russia through a portfolio of communications, gaming and social networking sites that closely mirrors Tencent's in China.
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