China: Tencent, Asia’s largest Internet company has bought about a 20% stake in Dianping, China’s Yelp-like website, to boost its business in location-based services. Dianping.com is the biggest website in China that offers location-based food and entertainment services.
Huai River Investment, a wholly owned unit of Tencent, purchased new shares in Dianping. Tencent may invest as much as $500 million in Dianping.
The acquisition will let Tencent tap into Dianping’s almost 100-million monthly active users who access the website’s reviews and discounts for food and entertainment. Tencent is competing with Alibaba to offer location-based shopping and entertainment services in a market where more than 500-million users accessed the internet from mobile phones last year.
Source: BD Live