Newsweek is reporting that Reza has been acquired by the Chinese company Jio.
The company said that it acquired Reza in an all-cash deal, with the goal of “enhancing its global market presence and improving its operational efficiency.”
Reza is one of several Chinese-owned companies, including Hao Group, that are under pressure from competition from a number of U.S.-based companies, which are also expanding their footprint in China.
China’s leadership has been increasingly focusing on boosting domestic companies, particularly in technology and entertainment.
According to a report from the Shanghai-based research firm Gartner, Chinese companies have accounted for more than half of the growth in U.K.-listed companies since 2009.
According the report, Chinese firms are the biggest employers of U in the U.k. and are set to grow to account for nearly 10 percent of total global workforce by 2021.
Reza was purchased by Jio from the former Baidu Group, which acquired the company for $2.5 billion in 2016.
The deal was also reported by The Financial Times.
Reza’s parent company, Jio, also owns the popular Chinese dating site Baiduu, which is owned by Tencent.
Tencent has been under pressure to expand its business in China, which has been criticized for the labor and environmental issues raised by the company in the past.
The Chinese government recently increased the minimum wage from 1,000 yuan (about $160) to 2,200 yuan ($400).