Netease Tech, 8/19/11
Wu Xiaogang, senior VP in charge of Chinese internet giant Tencent's (0700.HK) e-commerce division, revealed today that Tencent will launch an e-commerce platform in Q4 2011.
The new platform, currently under development, will use a revenue share business model, similar to C2C & B2C e-commerce site Taobao.com, and will definitely include B2C firms in which Tencent holds investment stakes.
Wu described the new platform as an upgraded version of Tencent's existing site Paipai.com, although both will continue to operate independently. According to one industry source, Tencent has already established a new e-commerce platform department to oversee the new site.
Tencent is currently invested in a number of B2C firms, including OkayBuy, FTuan, Icson, Kela Diamonds, and online travel service provider eLong (Nasdaq: LONG). Wu said the goal of these investments is to support the new platform.
Editor's Note: For more information on this topic, please see "Tencent Invests RMB 500 Mln in B2C Strategy," MD 8/04/11 issue.