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Tencent-Yonghui deal sets up clash with Alibaba

Tencent pays 4.22 billion yuan for 5% stake in Yonghui Superstores

Published Sun, Dec 17, 2017 · 09:50 PM
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Hong Kong

TENCENT Holdings Ltd will buy a stake in Chinese supermarket chain Yonghui Superstores Co for about 4.22 billion yuan (S$860 million) , setting up a clash with arch-rival Alibaba Group Holding Ltd in physical retail.

China's largest internet corporation is acquiring about 5 per cent of Yonghui from existing shareholders at 8.81 yuan apiece, Yonghui said in an exchange filing…

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