In China, online shopping is a popular pastime and many retailers are cashing in on this trend. Xingsheng Youxuan is one such retailer, offering 100m yuan (US$15m) to Tencent Holdings Ltd for a 5% stake in the company. This deal values Xingsheng Youxuan at 20 billion yuan (US$3.1 billion). xingsheng youxuan 100m tencent 5b
In China, a new business model is shaking up the way e-commerce works. Called “xingsheng youxuan,” or “selected by virtue,” the system relies on social media to connect businesses with consumers. xingsheng youxuan 100m tencent 5b
Here’s how it works: A company posts a product on Tencent’s WeChat platform. Interested consumers can then comment on the product, asking questions and negotiating prices. xingsheng youxuan 100m tencent 5b
Xingsheng Youxuan was founded in 2014 by ex-Tencent employees, and it is now one of China’s largest e-commerce platforms. The company has been very successful, and in just four years it has raised over 100 million RMB from Tencent and other investors.
Xingsheng Youxuan is an online platform that sells groceries and household items.