Tencent to invest in ‘Chinese Instagram’

HONG KONG: Tencent Holdings has agreed to invest in Chinese live broadcasting app Kuaishou ahead of a potential initial public offering of the Baidu-backed startup, say sources. Tencent and Kuaishou plan to announce the deal as soon as this week. Tencent has been boosting spending on services including video-streaming to retain users for its WeChat and QQ messaging platforms. Kuaishou runs a live-streaming social media platform similar to Twitter’s Periscope and Instagram. Agencies