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Business deals

Tencent leads Kuaishou’s $3bn pre-IPO funding

Jack Ma-backed Yunfeng Capital also joins in to support short-video app platform

BEIJING -- Tencent has poured another $2 billion into short-video app Kuaishou in a pre-IPO fundraising that brought in a total of $3 billion for the short-video app, Chinese business media LatePost reported.

The new funds value the company at roughly $28.6 billion. Yunfeng Capital, backed by Alibaba founder Jack Ma, also participated in the fundraising, as the e-commerce conglomerate accelerates its investments in live-streaming to boost its online retail business. Boyu Capital, Temasek Holdings and Sequoia Capital are also among the investors.

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