Tencent set to launch e-commerce website

SHANGHAI: China's largest Internet firm Tencent Holdings said on Thursday it will launch a 'super' e-commerce platform next month that will integrate its different social networking products and e-commerce initiatives into one website.

China's e-commerce industry is growing at a rapid clip and Internet companies are rushing to secure their share of the market. Taobao Mall, China's largest B2C e-commerce website, said this week it is aiming to double its transaction value next year to 200 billion yuan.

Tencent runs B2C e-commerce website QQ Mall, C2C website Paipai, e-payment system Tenpay as well as group buying website Tuan QQ and a joint venture company with Groupon, Gaopeng.

Under the new 'super QQ online shopping platform', the firm will integrate its existing e-commerce offerings with its social networking products QQ and QQ friends, the firm said in a statement.

It will be launched in the southern province of Guangdong before a full roll out nationwide. On the website buy.qq.com, the firm said it will begin operations on Oct. 11.

“Across the country in the future, when the beta-testing ends, we will gradually open platform for B2C websites to attract more businesses to provide unified services,” a Tencent spokeswoman said in the statement.

Taobao Mall had 32.8 per cent of China's 54.2 billion yuan B2C online marketplace in the second-quarter, according to data from Analysys International. 360buy, Taobao Mall's nearest rival, had 12.4 percent of the market.