China's Tencent to buy 20 pct of restaurant review site Dianping

SHANGHAI Wed Feb 19, 2014 3:46am EST

SHANGHAI Feb 19 (Reuters) - Chinese social media leader Tencent Holdings Ltd has bought 20 percent of Dianping, operator of China's largest restaurant review and business listing site, for an undisclosed sum, Tencent said in a filing to the Hong Kong Exchange on Wednesday.

"Dianping's high quality local life content, such as merchant information, consumer reviews, discount, group buying, online restaurant reservation and take out ordering services, will be integrated with Tencent's social communications platforms such as QQ and Weixin, as well as other Tencent products," Tencent said in a press release issued on Wednesday.

Dianping is similar to U.S. firm Yelp Inc and group-buying site GroupOn Inc. QQ and Weixin, or WeChat as it is known outside China, are Tencent's main social networks, with mobile messaging app WeChat having taken China by storm.

Dianping has more than 90 million active monthly users in over 2,300 Chinese cities, whom it connects to more than eight million sellers, according to Dianping's official website.

Dianping is planning an initial public offering within the next five years, possibly in the United States, according to Chinese media reports. (Reporting by Adam Jourdan; Editing by Christopher Cushing)