Tencent Holdings, Alibaba, and Baidu led a $2.8 billion funding round for Kuaishou Technology’s AI video unit, Kling.
The investment values the Kling unit at $18 billion.
This rare alliance aims to challenge global competitors including ByteDance and Google.
The collaboration signals a strategic shift as Chinese tech giants pool resources for capital-intensive AI development.
The investment complements Tencent's existing AI models and deepens its video presence.
Tencent separately repurchased 1.149 million of its own shares on the same day.
The share buyback totaled approximately HK$501 million.