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Witmart Gains Huge Investment of 2.6 Billion Yuan

by Amy in Business Jul 19, 2015 EDT

CHONGQING, China, June 16, 2015 /PRNewswire/ -- On June 15, the signing ceremony for Cybernaut's investment in Witmart, Li Dong (President of Cybernaut) and Zhu Mingyue (Founder and Chairman of Witmart) announced to the media that Cybernaut would invest 1.6 billion yuan in Witmart. Ling Yueming (Member of the Standing Committee of CPC Chongqing Municipal Committee, Secretary of the Party Working Committee of the Management Committee and Director of the Management Committee of Liangjiang New Area, and Secretary of the Party Working Committee of the Management Committee of New North Zone) delivered an onsite declaration that a state-owned company under New North Zone would invest another 1 billion yuan in Witmart. The investment is one of the largest among China's Internet service transaction platforms.
Witmart Gains Huge Investment of 2.6 Billion Yuan
At 2 p.m., the signing ceremony for Witmart's financing was held in Chongqing Wudu Hotel, witnessed by leaders of Chongqingincluding Huang Qifan (Mayor of Chongqing), Li Dong and Zhu Mingyue.  The signing declared Cybernaut would invest 1.6 billion yuan in Witmart. According to Li Dong, an Internet enterprise being compatible online and offline had a bright future and Witmart was exactly such an enterprise, which was the reason why it was picked for the investment.
After that, Ling Yueming declared on-site that a state-owned company under New North Zone would invest another 1 billion yuan in Witmart.
At the signing ceremony, Zhu Mingyue also released the zero-commission system which meant that the 20% transaction commission would not be collected by the platform any longer (except for competitive presentation and piecework). Witmart, as China's largest crowdsourcing service transaction platform, cancelled commissions, directly driving China's service transaction industry to enter the era of big data.
The 2.6 billion yuan investment is one of the largest among the Internet service platforms in China and the estimated value of Witmart now exceeds 10 billion yuan.
Crowdsourcing Enjoys Great Popularity and Continuous Investment
Because of the unique charm of crowdsourcing, more and more investors recognize the value of Witmart and thus havemade continuing investments in Witmart.
Since 2006 when Witmart first started operations until now, Witmart obtained a 5 million yuan investment in 2007; in 2011, the founding partner of IDG, Xiong Xiaoge, who had long enjoyed a good reputation in the venture investment field, declared a 10 million yuan level investment in Witmart; in 2014, IDG and Cultural Investment Group again invested tens of millions of dollars in Witmart.
Now, with over 13 million creative talents and rapidly-increasing members, Witmart far surpasses other similar websites in the market and becomes the pacemaker in the crowdsourcing sector all over the world. Witmart averages several "demands" every minute and several original manuscripts are produced every second, this also includes at least one from a foreign country every half an hour.
Witmart Ripe for Listing in China
The huge investment totaling 2.6 billion yuan as well as the estimated value exceeding 10 billion yuan directly quickened Witmart's pace of listing.
In 2011, Zhu Mingyue said Witmart would be Nasdaq-listed in case of no unexpected events and set up a branch in Houston, TX,USA. However, along with the resounding success of the crowdsourcing in China, Witmart was not eager for listing at that time and kept breaking through product architecture and upgrading business model.
In 2015, the State Council successively unveiled Opinions on Rapid Development of E-commerce and Rapid Cultivation of New Economic Power and Opinions on Several Policies and Measures of Great Push for Public Pioneering Work and Creation, encouraging conditional Internet enterprises to be listed in China.
SOURCE Chongqing Zhubajie Network co., LTD.


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