A wholly-owned subsidiary of Tencent has purchased US$99.95 million worth of shares in 58.com (NYSE: WUBA) that increases Tencent’s stake in the latter to 24.09%, according to an SEC filing.
Update: Tencent would purchase more shares worth US$23 million in early October, which increases its stake in 58.com to 25.3%.
The Chinese social giant acquired 19.9% of 58. com, one of the leading listing services in China, less than three months ago. It was expected 58 would land on WeChat, the powerful mobile messaging app of Tencent, sooner or later.
But it hasn’t happened yet. The e-commerce offerings and group-buying service from JD.com and Dianping, respectively, got available on WeChat not long after Tencent invested in them.
Ganji.com, now 58’s major competitor in China, announced US$200 million in new funding last month.