China social shopping startups Mogujie, Meilishuo to merge

Monday 11 January 2016 | 10:06 CET | News
Chinese fashion-focused e-commerce platform Mogujie has agreed to take over market competitor Meilishuo, and create a new company valued at nearly USD 2.5 billion. The new entity intends to secure funds after completing the deal, and its valuation could rise to nearly USD 3 billion, Mogujie CEO Chen Qi said in a letter to employees that was reviewed by The Wall Street Journal. Meilishuo.com is backed by Chinese internet services provider Tencent.

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Categories: Internet / Mobile & Wireless
Companies: Tencent
Countries: China
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