????兩年前,，中國騰訊公司似乎將在美國全面出擊。這家社交媒體與在線游戲業(yè)巨頭,，在美國招募大學(xué)生宣傳其社交網(wǎng)絡(luò)微信,，還以1.5億美元入股紐約設(shè)計網(wǎng)站Fab.com。此外,，有傳言稱,，騰訊參與了Snapchat的一輪融資，對這家沒有任何收入的初創(chuàng)公司的估值高達40億美元,！

????索尼公司被黑客泄漏的電子郵件顯示,，Snapchat的交易并未成功。如今，騰訊已經(jīng)成為中國最大的風(fēng)險投資公司之一,，《財富》雜志在本期詳細(xì)介紹了騰訊雄心勃勃的戰(zhàn)略,，風(fēng)險投資就是其中之一。然而,，騰訊進軍美國的熱情早已消失,。

????騰訊并未參與Snapchat在3月份的最新一輪融資（阿里巴巴參與了融資，投資2億美元）,，該公司在美國的交易大多集中于游戲公司和在中國有成長潛力的小型初創(chuàng)公司,。相反，阿里巴巴卻已經(jīng)成為硅谷關(guān)注的中國公司,。去年,，除了參與Snapchat融資外，阿里巴巴先后在Shoprunner投資2億美元,，在Lyft投資2.5億美元,，信息服務(wù)TangoMe獲得了阿里巴巴領(lǐng)投的2.8億美元投資，而且阿里巴巴還在美國啟動了云服務(wù),。（由于銷售疲軟,，阿里巴巴賣掉了一年前在美國開設(shè)的一家精品電子商務(wù)網(wǎng)站。）

????去年,，騰訊共參與了48筆投資,，價值60億美元，其在國內(nèi)的影響力與日俱增,，但這也使美國戰(zhàn)略的不足更加清晰可見,。曾在華多年的風(fēng)險投資家史蒂芬·貝爾表示：“進入美國，將是他們需要解決的一個難題,?！?/p>

????騰訊的美國辦事處距離斯坦福大學(xué)校園不遠(yuǎn)，由網(wǎng)大為(David Wallerstein)負(fù)責(zé),。他曾供職于騰訊最早的投資者之一,，南非媒體公司Naspers，于2001年加入騰訊,。網(wǎng)大為和騰訊進行了一些小規(guī)模投資,，有時候僅為數(shù)百萬美元，投資的公司包括提供機器學(xué)習(xí)服務(wù)的Scaled Inference,。這家公司聯(lián)合創(chuàng)始人兼CEO奧爾坎·瑟希歐格魯在谷歌工作過十多年,，他從騰訊獲得了種子資金，甚至在帕洛阿爾托尋找辦公室時也得到過騰訊的幫助,。他說：“他們在尋找一家更有野心的初創(chuàng)公司,。”

????但野心并不意味著龐大。紀(jì)源資本管理合伙人童士豪表示：“他們并沒有那么咄咄逼人,，他們正在做一些小投資,。”紀(jì)源資本在中美兩國開展投資業(yè)務(wù),。騰訊近期的投資并未像阿里巴巴一樣獲得關(guān)注,，似乎騰訊也不關(guān)心能否在美國市場站穩(wěn)腳跟。騰訊拒絕了多次與其投資活動有關(guān)的采訪請求,。

????微信在中國取得了巨大成功,，用戶數(shù)量近5億人，但在美國卻遭遇失敗,，因為結(jié)果證明,，很少有美國人愿意放棄Facebook或Instagram。有分析人士表示,，騰訊在美國取得的唯一一次重大成功，是在2011年以2.3億美元收購Riot Games,。這家位于洛杉磯的在線游戲公司只有一款游戲——《英雄聯(lián)盟》,，但它卻是全世界最受歡迎的電腦游戲，每月玩家人數(shù)近7000萬人,。有報道稱,，隨著這款多人對戰(zhàn)游戲的持續(xù)成功，2013年,，該公司的銷售額達到6.2億美元,。

????騰訊的其他投資也可能帶來回報。童士豪表示：“這些小規(guī)模投資使得他們對新興的移動領(lǐng)域動態(tài)有了更直接的了解,。未來三至五年,，事情會變得非常有趣?！?/p>

????至少有一個領(lǐng)域,，騰訊在美國進行了大規(guī)模投資：將內(nèi)容引進中國。騰訊與NBA,、華納兄弟和HBO簽署了協(xié)議,，引進內(nèi)容供騰訊視頻網(wǎng)站上數(shù)以億級的觀眾們觀看。熟悉兩家公司的消息源告訴《財富》雜志,，美國職業(yè)棒球大聯(lián)盟的數(shù)字部門對與騰訊的合作也非常感興趣,。其發(fā)言人拒絕評論此事。

????馬克·扎克伯格從不掩飾將Facebook擴張到中國的野心,。中國市場目前被騰訊占領(lǐng),，其銷售額與利潤與Facebook持平。與此同時，騰訊卻并沒有Facebook那樣的野心,，目前還沒有通過有意義的方式離開其大本營的打算,。（財富中文網(wǎng)）

????譯者：劉進龍/汪皓

????審校；任文科

????Two years ago, it looked like China’s Tencent was about to break out in America. The social media and online games giant had recruited university students in the U.S. to promote its social network WeChat. It had joined a $150 million deal for a stake in the New York design site Fab.com. It was also rumored to be part of a fundraising round for Snapchat that would have valued the young startup without a lick of revenue at—gasp!—$4 billion.

????The Snapchat deal never happened, as leaked emails from the Sony hack later showed. And today, even as Tencent has become one of the biggest venture capitalists in China, as part of an ambitious strategy that Fortune details in its current issue, the excitement surrounding Tencent’s U.S. moves has all but evaporated.

????Tencent didn’t join Snapchat’s latest fundraising round in March (though rival Alibaba did, to the tune of $200 million), and its U.S. deals have mostly focused on game companies and small startups that could potentially grow in Tencent’s home country. In contrast, Alibaba has become the Chinese company to watch in Silicon Valley. Last year, in addition to the Snapchat funding, it invested $200 million in Shoprunner, invested $250 million in Lyft, led a $280 million investment round in messaging-service TangoMe, and opened a cloud services business in the U.S. (It also sold a boutique U.S. e-commerce site it had opened just a year earlier, after weak sales.)

????As Tencent’s profile rises in China—last year, it invested in 48 deals worth $6 billion—the lack of a complementary U.S. strategy is even more apparent. “That’s their hard problem—getting into the U.S.,” says Stephen Bell, a former venture capitalist in China who recently moved back to the U.S.

????Tencent’s U.S. office, not far from Stanford’s campus, is led by David Wallerstein, who joined the company in 2001 from Tencent’s earliest investor, the South African media company Naspers. Wallerstein and Tencent have made small investments, sometimes for only a few million dollars, in companies like Scaled Inference, which offers machine learning as a service. Scaled Inference co-founder and CEO Olcan Sercinoglu, who worked at Google for more than 10 years, received seed funding from Tencent and even some help finding an office in Palo Alto. “They were looking for a more ambitious startup,” he says.

????But ambitious, in this case and others, didn’t mean big. “They’re not that aggressive—they are doing small things,” says Hans Tung, managing partner at GGV Capital, a venture capital firm with investments in the U.S. and China. None of Tencent’s recent investments have captured the same kind of attention as Alibaba’s, nor does it seem that Tencent cares about creating a foothold in the American market. Tencent declined multiple requests for interviews about its investments.

????WeChat, a huge success in China with a half-billion users, flopped in the U.S. after it turned out few Americans wanted to ditch Facebook or Instagram. The only major U.S. success Tencent has had, say some analysts, is their acquisition of Riot Games for $230 million in 2011. The Los Angeles-based online game company has only one product, League of Legends, but it is the most popular computer game in the world, with around 70 million monthly players. The company reportedly earned $620 million in sales in 2013 as the multi-player battle game continued to thrive.

????Tencent’s other investments could still pay off. “All these small bets give them good view of what’s happening in the mobile space in emerging categories,” says Tung. “That will be interesting in three to five years.”

????And Tencent is investing heavily in the U.S. in at least one area: bringing content back to China. It has signed agreements to stream content from the National Basketball Association, Warner Bros., and HBO for a potential audience of hundreds of millions on Tencent’s video site. Major League Baseball’s digital arm has also become interested, a source close to both organizations told Fortune. An MLB spokesperson declined to comment.

????Mark Zuckerberg hasn’t been shy about his desire to expand Facebook to China, a market that Tencent dominates, with sales and profits roughly equal to Facebook’s. Tencent, meanwhile, isn’t nearly as ambitious to leave its home market in a meaningful way.