Business, Internet

58.com's Used Goods Trade Platform Gains USD200 Million Investment From Tencent

Chinese classified information provider 58.com announced a final agreement with Tencent under which Tencent will invest USD200 million to Zhuanzhuan, the used goods trade platform of 58.com.

At the same time, 58.com and Tencent will join hands for resource sharing to promote the development of Zhuanzhuan.

After the financing, 58 Group will still hold the majority stake in Zhuanzhuan. Zhuanzhuan will continue to focus on the expansion of the second-hand trading market, explore user experience upgrades, and speed up the improvement of Zhuanzhuan's service and technical capacities in the second-hand trading sector.

Zhuanzhuan app was a professional used goods trade platform incubated by 58 Group in November 2015.

Commenting on the investment of Tencent, 58 Group's chief executive officer Yao Jinbo said that they are glad to see Tencent to become a shareholder and cooperation partner of Zhuanzhuan. This is a huge recognition and support to a used goods trade platform which just operates for a year and half. China's used goods trade market is still in its early stage, said Yao. With the popularity of smartphones, people's acceptance of used goods will increase, which will provide a wide expansion space for the used goods trade market. They hope that with the support of Tencent, Zhuanzhuan will be able to seize the opportunity more quickly and effectively.

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