February 13, 2012 / 6:31 AM / 8 years ago

China's Kaixin001 posts 41 pct rise in 2011 sales -exec

BEIJING, Feb 13 (Reuters) - Chinese social-networking-site Kaixin001, in which Tencent Holdings owns a stake, posted a 41 percent rise in 2011 revenue to 380 million yuan ($60.3 million), a senior company executive said.

The company will focus on rolling out social e-commerce products based on mobile Internet platforms this year as well as new games in order to boost sales, Guo Wei, vice president of Kaixin001, told Reuters in an interview.

Kaixin001 has struggled to compete with other social networking sites such as Renren Inc and Sina Corp’s microblogging platform, Weibo.

Sources said last year Kaixin001 was planning on a listing, but Guo declined to comment on the matter.

Kaixin001 had 130 million registered users and 60 million monthly active users, Guo said.

$1 = 6.2986 Chinese yuan Reporting by Jerry Huang and Ken Wills; Writing by Melanie Lee; Editing by Kazunori Takada

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