Tencent, the Chinese internet company, has stepped up its acquisition spree focused on the transition to the mobile web by taking a 28 per cent stake in South Korean games maker CJ Games.
The stake, which cost Tencent $500m, is the latest in a flurry of deals in which Tencent, along with rival Chinese internet conglomerates Alibaba and Baidu, have tried to outspend and outcompete each other for primacy.
Tencent, the largest wholly private company in China, boasting a market capitalisation above $140bn, last month bought a 20 per cent stake in Dianping, China’s best known restaurant rating and reviews website, and a 15 per cent stake in JD.com, an ecommerce platform that is seeking a US listing.
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