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Tencent Invests in Zhuan Zhuan
- Client News
- April 20, 2017
Paul, Weiss represented Tencent, a leading provider of internet value-added services in China, in its $200 million cash investment in Zhuan Zhuan, a China-based used goods trading platform operated by 58.com. Under the agreement, 58.com, China’s largest online marketplace serving local merchants in consumers, will inject the Zhuan Zhuan app and other listing channels into a separate group of entities controlled by it (Zhuan Zhuan Entities), and Tencent will invest $200 million in cash and additional business resources into the Zhuan Zhuan Entities in exchange for a minority equity stake.
The Paul, Weiss team included corporate partners Judie Ng Shortell and Tong Yu.