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China’s Tencent Steps Up Wager on After Selloff

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Tencent Holdings Ltd., China’s second-biggest Internet company, is ramping up its bet on after a selloff wiped out a third of the company’s market value last quarter.

Three months after purchasing a 19.9 percent stake in the Beijing-based company, Tencent scooped up $117 million more of’s American depositary shares in the secondary market from Sept. 22 to Sept. 29, boosting its stake to 24.6 percent in the process, according to an Oct. 2 filing with the Securities and Exchange Commission. Shares in, a Craigslist-like site, tumbled 31 percent in the third quarter, the fourth-worst performance in a Bloomberg index of 79 Chinese companies listed in the U.S.