Business / Companies

Rivalry and Ganji reportedly merge

By Wang Jingjing ( Updated: 2015-04-16 15:57

Rivalry and Ganji reportedly merge

Picture taken on June 23, 2012, shows website of [Photo/IC], a Chinese online classifieds market announced on Friday that it has acquired a strategic stake in one of its competitors, Ganji Inc.

It has agreed to acquire a 43.2 percent fully diluted stake in Ganji, including 34 million in stock shares and $412.2 million in cash, according to the company's statement.

Yang Haoyong, the founder of, will become one of the co-chief executives along with Yao Jinbo, founder of

The new combined group is expected to be valued at as much as $10 billion, according to a Financial Times report published on Wednesday.

The newspaper wrote that both sides have signed a memorandum of understanding in Beijing on March 14, citing people familiar with the matter.

The two online companies provide a range of online advertising listings including job adverts, housing and used goods trading. According to the report, currently is about twice as big as in terms of market value. is one of Chinese largest online classified marketplaces. It has acquired Shanghai –based real estate Internet platform Anjuke Inc in stock and cash valued at $267 million last month.

According to the CEO Yao, aims to be the biggest real estate market information provider by users and revenue.

Ganji Inc, the online and mobile-based classified advertising operator received $200 million investment from global alternative asset manager Carlyle Group LP last August.

By joining forces, the two are expected to reduce marketing costs substantially, the newspaper wrote.

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