Chinese online classifieds site operator Baixing (836012.NEEQ) has announced that its wholly owned subsidiary Kijiji Network Information Technology intends to invest RMB 6.3 mln and RMB 12.5 mln in wedding service companies Tuanyanwang.com and Sangduo Liya Restaurant Management. After the transaction, Baixing will hold an 11.29% stake in Tuanyanwang and a 14.71% stake in Sangduo Liya.
The investments will help Baixing consolidate O2O resources in the banquet market segment, and provide users with high-quality banquet information and services.
Tuanyanwang.com, operated by Chengdu Nien Network Technology, currently aggregates resources on more than 500 hotels, and manages 60 hotel banquet halls. The company has already created a base in the Chengdu market, and is seeking to expand across southwest China, said a spokesperson for Nien Network.
Shanghai-based Sangduo Liya, founded in October 2015, primarily offers wedding planning and venue services. The company is well established in the eastern China market.
Baixing will continue partnering and investing in O2O businesses to achieve nationwide coverage of wedding services, said Baixing board secretary Gao Yifeng.