Music streaming companies Spotify and Tencent have taken minority stakes in each other’s businesses.
Spotify, which has 140m users, is yet to launch in China, while Chinese firm Tencent has 600m users in the country.
Spotify is widely tipped to launch an IPO next year.
Tencent, which runs China’s top messaging app WeChat, also has interests in Tesla and Snapchat. It is also tipped to be going public next year.