Group buying service Xingsheng Youxuan raised the money at a $5bn valuation and has reportedly secured upwards of $1.8bn in the past 18 months.

Internet group Tencent has invested $100m in China-based community buying platform developer Xingsheng Youxuan at a valuation of roughly $5bn, Bloomberg has reported, citing people familiar with the matter. Xingsheng Youxuan operates an e-commerce platform that enables users to band together with others in the same neighbourhood to buy goods in bulk. The company is…

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