58.com Inc. (58同城, NYSE: WUBA), a large classifieds company in China, continues to leave last year’s concerns over profitability in the mirror. After consolidating a series of high-profile acquisitions in 2015, the Beijing-based company reported net income from operations of 522.4 million RMB ($78.6 million U.S.) in Q3 of FY2017, up from 143 million RMB in Q3 of FY2016.
The Chinese used-car auction platform Chezhibao announced that it has secured $100 million U.S. in its series C-funding round, which was led by investment management firm PAG.
The Chinese tech giant Tencent Holdings is seeking to acquire new debt funding in the order of $2 billion U.S., according to a recent report published by Reuters.
China's two leading used-auto information sites, 58.com and even Tencent's WeChat are in the spotlight after a corporate espionage scheme came to light in China.
Zhaopin Ltd. (NYSE: ZPIN), operator of one of China's three leading job sites, reported a net loss of RMB 5.2 million ($700,000 U.S.) in Q2 of FY2016/17, since the plan of a consortium headed by Australia-based Seek to delist Zhaopin changed Zhaopin's tax situation in the eyes of the taxman.
Leading Chinese online classifieds marketplace operator 58.com (NYSE: WUBA) is the target of criticism yet again - this time it revolves around the theft of bicycles.
Xianyu, a second-hand goods site in China owned by Alibaba Holdings, has launched new rules to fight fraud and restore consumer confidence.
Chinese internet and mobile services company Tencent Holdings Ltd. has announced plans to work with online classified marketplace operator 58.com to launch a real estate listings platform.
58.com issued 4.3 million shares to Tencent in exchange of a part-writedown of a previously-extended loan.