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Tencent Buys $736 Million Stake in Craigslist-Like Site

Tencent Holdings Ltd., Asia’s largest Internet company, agreed to buy a $736 million stake in a Craigslist-like site to bolster its online content as it seeks to compete with Alibaba Group Holding Ltd.

Tencent will buy a 19.9 percent stake, amounting to 36.8 million Class A and B ordinary shares in Chaoyang, China-based 58.com at $20 each, the company said in a statement distributed through PR Newswire late on June 27.