Alibaba-owned second-hand goods marketplace Idle Fish boasts 1.3 million interest-based communities, a key sales driver.
The used goods resale sector has had its share of problems including counterfeit goods, merchandise quality, and even legal issues concerning the sale of endangered animals.
E-commerce players and specialized verticals such as used car platforms are operating their own auction platforms.
More than 500 million users are expected to participate in this year’s promotion.
The new entity will expand into used book and home appliance sales.
Intense competition in China’s short video segment is pushing companies to seek growth in overseas markets.
Huya intends to use the funds on its content ecosystem and e-sports partners.
Lower-tier cities represent a new opportunity for Chinese e-commerce giants like JD.com and Alibaba.
Alibaba revenue surges 42% on the year in the quarter ended June 30.
Chinese regulators are investigating complaints against Ericsson for breaking anti-trust rules in its licensing practices for 3G and 4G technology.