Tencent-led group to invest 10b yuan in menswear firm Heilan Home

Hong Kong

TENCENT Holdings Ltd is leading a deal to invest 10 billion yuan (S$2.09 billion) in Chinese menswear group Heilan Home Co Ltd, upping a retail rivalry with fellow Internet giant Alibaba Group Holding Ltd, sources with knowledge of the matter said.

China's second-largest e-commerce company JD.com Inc and online clothing platform Vipshop Holdings Ltd will also be among the group that plans to acquire less than 10 per cent of the company for five billion yuan, one source said.