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Naspers Scours Emerging Markets After Tencent Success

Naspers Ltd., whose $32 million bet on Tencent Holdings Ltd. has swelled in value to more than $14 billion, aims to replicate that success by scouring emerging markets where the two companies are jointly the biggest Internet investors.

Naspers, South Africa’s biggest media company, and Shenzhen, China-based Tencent jointly invested $688 million this year in Mail.ru Group Ltd., the Russian e-mail company that owns parts of Facebook Inc. Tencent has also followed Naspers in investments in India and Thailand, and said it’s considering further opportunities with its biggest shareholder.