China's Tencent to lead US$863m investment in online retailer

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.