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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...