Tencent pays $736M for Stake in 58.com

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June 30 (Bloomberg) –- Bloomberg’s Rosalind Chin reports on Tencent buying a 19.9% stake in online classified ads site 58.com as it competes with Alibaba for customers. She speaks to Rishaad Salamat on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

Online ads classified website, tencent levine a night when -- a 19.9% stake at $20 a share.

58.com is listed on the nasdaq, listed last year.

What are the nuts and boats of the steel?

Alibaba and tencent are trying to acquire companies to strengthen the user base and the ability they have to get more customers.

If you look closely, they are beginning to look more and more similar, buying companies that will help themselves grow as well as these new companies.

Alibaba purchased an online mapping service.

Looks like ali baba is buying everything.

And so is tencent.

680 million, that is a lot of users.

Last year, there would be something like $650 billion from online users.

Tencent and alibaba are just trying to make sure that they consolidate and great more of the market as much as they can while they can, while the market is still in this mobile, shifting mode.

Why are the so acquisitive?

The have lots of money and they want to spend it and they want to boost their underlying strengths right now before the market gets more crowded.

Right now, you have alibaba and tencent and baidu.

Tencent now has a payment system as well but it has this huge space of we check users, 400

This text has been automatically generated. It may not be 100% accurate.


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