Chinese internet giant Tencent Holdings (0700.HKG) has agreed to buy a 15% stake in online retail platform JD.com for US$214.66 million, potentially posing a greater threat to the market leader and common rival Alibaba Group, South China Morning Post reported. Shenzhen-based Tencent, through subsidiary Huang River Investment, also committed to subscribe to an additional 5% of JD, following the Beijing-based firm’s planned initial public offering in the United States. Data from internet consultancy iResearch showed that JD had a 17.5% share of the B2C market in the third quarter of last year, compared to Tencent’s 6% share.
Categories