Caixin
Nov 05, 2018 08:46 PM
BUSINESS & TECH

Tencent-Backed WeBank Hits $21 Billion Valuation

WeBank's headquarters in Shenzhen, Guangdong province. Photo: VCG
WeBank's headquarters in Shenzhen, Guangdong province. Photo: VCG

Tencent-backed online lender WeBank Co. Ltd. has reached a sky-high valuation of 147 billion yuan ($21 billion) after less than four years in operation, becoming one of the world’s largest “unicorn” companies.

The new valuation is based on a legal document (link in Chinese) attached to an auction notice on Taobao.com, which described the upcoming auction of a minor stake in WeBank.

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