The decades-long rivalry between Tencent and Alibaba spans almost every hot tech vertical in China. It’s no exaggeration to say that where there’s Tencent, there’s Alibaba and vice versa. The competition between the two Chinese internet giants is now entering another field – second-hand goods trading market.

According to the official announcement, Tencent has injected a hefty US$ 200 million of funding for minority equity in Zhuan Zhuan, the used goods trading unit of China’s Craigslist, 58.com. The funding was raised at a reportedly US$ 1 billion valuation.

Under the agreement, 58.com will integrate the Zhuan Zhuan app and certain used goods related listing channels from the 58 and Ganji classified platforms into a separate group of entities, according to a company statement.

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.

Monthly Membership

Yearly Membership

Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.