Tencent to buy nearly 20% stake in 58.com

Web giant Tencent (0700.HKG) on Friday said it agreed to pay US$736 million for a 19.9% stake in 58.com (WUBA.NYSE), a local equivalent of Craigslist that provides users with information such as job postings and rentals, The Wall Street Journal reported. For Tencent, whose WeChat application has more than 350 million users, the decision is its latest step to broaden the range of services that can be linked to its popular social networks. 58.com’s services will be integrated into Tencent’s platforms, allowing users to find local merchants through social networks.