51buy.com targets sales of 15-20b yuan this year

Shopping website 51buy.com, which is largely owned by Internet conglomerate Tencent Holdings Ltd, aims to register a total transaction volume of 15 to 20 billion yuan ($2.4 billion to $3.2 billion) this year, more than doubling last year's figure, a company official said.

Bu Guangqi, 51buy's CEO, said that the website aims to "strengthen its position as one of the top-three players" in China's business-to-customer market this year.

Last year, the website's 3.5 million members bought goods worth of 6.8 billion yuan, almost tripling the total transaction volumes in 2011.

According to domestic research company Analysys International, Alibaba Group's Tmall.com had the largest share of the B2C market last year, with 44.1 percent, followed by 360buy.com's 16 percent and Tencent's 3.8 percent. Tencent's e-commerce unit includes 51buy.com and buy.qq.com.

Bu said the website plans to increase the range of products it sells, expanding from mainly electronics to products including books and cosmetics.

E-commerce players have engaged in fierce competition in recent years, marked by a number of price wars last year.

Earlier this month, Suning Appliance Co Ltd - China's largest electrical appliances retailer by sales - changed its name to Suning Commerce Group Co Ltd, one of a series of strategic changes to highlight the increasing importance of its e-commerce unit.