Tencent injects US$1b to take on rivals
By Ding Yining |
May 25, 2012, Friday
|
Print Edition
Print Edition
CHINA'S largest Internet company Tencent yesterday said it will inject US$1 billion into its e-commerce subsidiary to help it catch up with rivals like Taobao Mall and 360Buy.
"This will allow us to deal with market challenges in a more flexible manner and better serve consumers' needs," said Wu Xiaoguang, chief executive of Tencent E-commerce Holding Co.
The investment followed Tencent's restructuring into six business groups last week to better adapt to market situation and focus on key sectors such as mobile Internet and social networking.
The newly set-up e-commerce unit runs Tencent's business-to-consumer and consumer-to-consumer sites.
Tencent has been trying to encourage its over 750 million instant chatting tool QQ users to use other web services such as online video and social networking.
Tencent's online business started in 2006 but is lagging behind market leader Taobao. Its B2C site is the fourth largest with a 2.3 percent market share, said Analysys International.
"This will allow us to deal with market challenges in a more flexible manner and better serve consumers' needs," said Wu Xiaoguang, chief executive of Tencent E-commerce Holding Co.
The investment followed Tencent's restructuring into six business groups last week to better adapt to market situation and focus on key sectors such as mobile Internet and social networking.
The newly set-up e-commerce unit runs Tencent's business-to-consumer and consumer-to-consumer sites.
Tencent has been trying to encourage its over 750 million instant chatting tool QQ users to use other web services such as online video and social networking.
Tencent's online business started in 2006 but is lagging behind market leader Taobao. Its B2C site is the fourth largest with a 2.3 percent market share, said Analysys International.
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