You can tell a lot about a company based on where it puts its money.
Take Chinese tech giants Baidu, Alibaba, Tencent and Xiaomi, each flush with cash, courtesy of their booming businesses. Increasingly they’re putting some of that money to work in emerging U.S. Internet companies, creating a new Web of U.S.-China tech alliances. (An earlier wave happened a decade ago when Google invested in a young Baidu and Yahoo put money into Alibaba early in its life.)
The pace of investments has accelerated in the past six months, most prominently by Baidu’s $600 million bet on Uber. But deals that didn’t get as significant headlines are equally interesting to track for clues about future strategy.