Tencent has partnered with e-commerce giant JD.com to invest $863m in online retailer Vipshop, in a bid to take on Alibaba.
The deal strengthens the existing relationship between Tencent and JD.com and brings together China’s largest social media company with its largest retailer and second largest e-commerce company, and Vipshop, a leading online discount retailer for brands.
Tencent and JD.com will purchase Class A shares of Vipshop worth approximately $604m and $259m, respectively. Once completed, the deal will see Tencent own 7% of Vipshop, while JD will own 5.5%.
The deal will provide Vipshop with access to Read full story ›
Source: The Drum
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