18 January 2019

Tencent to buy 20% stake in, statement says

Internet giant Tencent Holdings Ltd. (00700.HK) has agreed to acquire a 20 percent stake in Shanghai-based, a website for users to search for consumption choices and make comments, in a bid to build the country’s biggest online to offline (O2O) business, Tencent said in an emailed statement Wednesday.

Internet users can share their consumption experiences and receive service content from multi-platforms as the two companies join forces. At the same time, the alliance will enable merchants to secure O2O solutions on the mobile internet, the statement said. As a result, the two platforms will gain more “stickiness” as the two companies enhance their strategic cooperation.

“With the strategic cooperation with, we can enhance the experience for mobile users as they can enjoy online to offline service through our social media platforms such as QQ and WeChat,” Tencent president Martin Lau said. In the same statement, Zhang Tao, chief executive of, said he hopes to speed up the company’s expansion plans, especially to third and fourth-tier cities. will keep its management team in order to maintain the company’s individual operation and development even after the Tencent deal, the statement said.

– Contact HKEJ at [email protected]




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