Rumor Update: Tencent to Take 20% Stake in Jingdong, Inject 51Buy

Sohu IT, 2/20/14

According to an industry insider, Chinese internet and mobile services firm Tencent (0700.HK) will soon announce a partnership to take a stake in Beijing-based B2C e-commerce platform Jingdong. Tencent will reportedly sell its own consumer electronics B2C e-commerce site 51Buy to Jingdong as part of the deal, ultimately taking a 20% stake in Jingdong. Talks between the two companies began in 2010.

51Buy CEO Bu Guangqi is rumored to have tendered his resignation from the company.

Editor's Note: According to a report today in DoNews, 51Buy CEO Bu Guangqi has denied rumors that he has left the company, but has declined to comment on the Tencent-Jingdong investment rumor. Other rumors have suggested that Tencent will take a 6% stake in Jingdong. For more information on this topic, please see "Rumor: Tencent in Talks to Invest in Jingdong," MD 1/07/14 and "Rumor: Tencent, Jingdong Ink Investment Deal," MD 2/18/14 issues.

Keywords: e-commerce Internet investment B2C Tencent Bu Guangqi 0700.HK 51Buy Jingdong

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