Very few people can say no to Tencent or its great rival, Alibaba Group Holding, these days. The two Chinese tech groups have access to cheaper capital and deeper reservoirs of cash than any other player on the mainland, thanks to their soaring share prices and market capitalizations of around $400 billion each -- and counting.

　　现在，很少有人能对腾讯或其劲敌阿里巴巴集团控股有限公司说“不”。由于猛增的股价和各自约4000亿美元(还在增长)的市场资本化，中国这两家技术集团较大陆其它公司有着更廉价的资本和更深的现金存储池。

　　While the two companies once operated in separate spheres -- with Tencent dominating social media and games, and Alibaba ruling e-commerce -- they are increasingly bidding against each other for investment opportunities. The result is a frenzied competition between two of the world’s richest and fastest-growing companies for dominance of businesses spanning from artificial intelligence to Hollywood content, food delivery to fintech, and genomic research to voice recognition. In effect, they are transforming themselves from tech businesses into massive investment companies.

　　虽然这两家公司曾一度在各自的领域内运营——腾讯在社家媒体和游戏占主导地位，阿里巴巴统治着电子商务——但是它们为了投资机会愈加竞相出高价。结果这两家世界上最富有、发展最快的公司陷入了疯狂的竞争当中，从人工智能到好莱坞内容、从外卖到金融科技、从基因组研究到声音识别，它们努力争取主导地位。事实上，它们正在将自己从技术公司转变为大型投资公司。

　　Both companies have spent billions on splashy acquisitions in recent years, with Alibaba paying $4.7 billion for Chinese browser company UCWeb in 2014 and Tencent spending $8.6 billion on Supercell, the Finnish producer of video games such as "Clash of Clans," last year. Behind these headline transactions, both companies are making smaller deals almost constantly. Alibaba has spent in excess of $1.72 billion buying at least 50 startups and small businesses since 2013, according to Dealogic data. Tencent has spent at least $780 million over the same period. (The data represents only the smallest 50 deals made by each company since 2013, so it provides only a snapshot of their acquisition activity.)

　　近些年来，两家公司花了数十亿在引人注目的收购上。2014年，阿里巴巴花了47亿美元买下中国的浏览器公司优视科技;去年，腾讯花了86亿美元买下芬兰计算机游戏生产商Supercell(开发出了“部落战争”)。根据迪罗基(全球信息技术服务公司之一)数据，自2013年以来，阿里巴巴花了逾17.2亿美元收购至少50家创业公司和小企。与此同时，腾讯至少花了7.8亿美元。(该数据仅代表这两家公司2013年以来完成的最小的50笔交易，因此只是对它们的收购活动的一瞥。)

　　Sometimes Tencent and Alibaba invest in the same deals. But far more often, they are bitter rivals. And as they compete across the entire business landscape, they are shaping innovation in China -- often determining who will succeed and who will not.

　　有时，腾讯和阿里巴巴会在同一笔交易上投资。它们更像是劲敌。它们在各行各业内展开竞争，塑造中国的创新——这往往决定了谁赢谁输。