Scalper1 News
Chinese Internet giant Tencent has agreed to take a 19.9% stake in e-commerce site 58.com (WUBA) for $736 million, an effort to boost local traffic against rival Alibaba. U.S.-traded shares of 58.com were up 7% in afternoon trading in the stock market today, near 56. 58.com made its U.S. IPO in October, pricing its shares at 17. 58.com rose nearly 14% on Thursday. Tencent and 58.com, which operates a Craigslist-like site in China, are going after Scalper1 News
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