Tencent Holdings, the Chinese internet gaming and social media conglomerate, has agreed to acquire a $736m stake in an online classified ads site, the latest purchase in a race with rival Alibaba to snap up internet assets.
Tencent will snap up a 19.9 per cent stake in Nasdaq-listed 58.com, a move the Chinese group said would expand online shopping options for customers of its WeChat and QQ online messaging services.
The 58.com site, often described as China’s equivalent of Craigslist, floated in the US last November and has since seen its share price more than double.
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