China's Tencent to lead US$863m investment in online retailer
Move to invest in apparel platform Vipshop Holdings ups its rivalry in retail with Alibaba Group Holding Ltd
Beijing
CHINESE Internet giant Tencent Holdings Ltd said on Monday it would lead an US$863 million investment in apparel platform Vipshop Holdings Ltd , upping its rivalry in retail with Alibaba Group Holding Ltd.
Tencent will invest US$604 million in exchange for a 7 per cent stake in Vipshop, while e-commerce firm JD.com Inc will invest US$259 million for a stake of 5.5 per cent - rising from a previously undisclosed stake of roughly 2.5 per cent - the two firms said in a statement.
The deal extends a recent push by Tencent into Alibaba's home turf of retail, where the firm hopes to leverage its messaging service WeChat and its online payment systems to drive sho…
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