Sources chinese xingsheng youxuan 100m
According to persons familiar with the situation, Tencent (0700) has raised its shareholding in Xingsheng Youxuan by investing US$100 million (HK$780 million) at a valuation of around US$5 billion.
According to the sources, Xingsheng Youxuan is also in discussions with prospective new investors, including Beijing Kuaishou Technology.
Tencent’s investment comes less than a month after e-commerce behemoth JD.com (9988) invested US$700 million in the produce delivery app, per an exchange filing. This comes as community buying platforms are experiencing a rise in funding.
Bloomberg News reported in June that Tencent and the private equity company Primavera Capital participated in an investment round for Xingsheng Youxuan valued at US$3 billion.
The new capital round may come before an IPO, though timing and the location of the listing are still being worked out, according to the sources.
Tencent and Xingsheng Youxuan representatives declined to comment. A Kuaishou spokesperson was unavailable for comment at the time.