Tencent eyeing livestreaming edge with more investments

Internet giant Tencent Holdings Ltd is looking to establish a clear lead over rivals in China's livestreaming market with latest investments of over $1 billion in the industry's top firms.

YY Inc, a leading livestreaming social media platform in China, on Thursday announced that its subsidiary Huya Inc has secured series B financing from Tencent to the tune of $461.6 million.

Though YY has a controlling stake in Huya, Tencent has got approval for purchase of additional Huya shares at fair market price to gain 50.1 percent of the voting power in Huya.