Tencent-Yonghui deal sets up clash with Alibaba
Tencent pays 4.22 billion yuan for 5% stake in Yonghui Superstores
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 on Friday, a 9.9 per cent discount to its price before trading was halted on Dec 8. The investment - a rare foray into traditional retail for a company known for games and messaging service WeChat - may be looking to drive adoption of its digital payments service in stores.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO