Visitors use their smartphones underneath the logo of Tencent at the Global Mobile Internet Conference in Beijing May 6, 2014. Photo: Reuters/Kim Kyung-Hoon

Chinese internet giant Tencent has opted to invest in two major live-streaming platforms in a single day, The Paper reported., a subsidiary of YY Inc., a leading Chinese live-streaming social media site listed on Nasdaq, said it received a US$461.6 million B-round injection from Tencent on Thursday.

Following the completion of this transaction, YY will maintain control over Huya while Tencent obtained the right to purchase additional shares at fair market value to reach 50.1% of voting power in the company.

However, Huya’s major competitor,, also announced earlier the same day that it had completed a US$630 million exclusive cash deal with Tencent.

According to Jiguang Big Data, the three most popular live-streaming platforms in China in 2017 are Douyu, YY live and Huya, with a penetration rate of 3.6%, 3.3% and 2.9% respectively.