58. com (NASDAQ: WUBA), one of the largest local listing sites in China, announced that Chinese Internet giant Tencent has agreed to invest US$736 million for a 19.5% stake in the company on a fully-diluted basis.
58.com will be integrated into Tencent properties that include QQ IM, news portal QQ.com, QQ Browser and, the most encouraging, the company’s flagship mobile app WeChat (or Weixin in Chinese).
With more than 300 million active users using it for mobile communication, sharing content, reading articles from public accounts, and services from businesses, WeChat has been exploring potential in m-commerce.
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.
Monthly Membership
Yearly Membership
What you get
Full access to all premium content and our full archives
Members'-only newsletters
Preferential access and discounts to all TechNode events
Direct access to the TechNode newsroom
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.