Tencent Takes 19.9% Stake in Chinese Local Listing Site 58.com for $736 million

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.

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