China’s JD.com said on Wednesday it would issue shares worth $220 million to investor Tencent Holdings over a three-year period to access certain services on the latter’s WeChat platform, reports Reuters.
The deal follows Tencent’s sale of a $16.4 billion stake in JD.com to Walmart last year and extends an existing partnership with the WeChat owner.
Tencent, which first invested in JD.com in 2014, owns 2.7% of outstanding Class A shares of the company as of March 25, according to a regulatory filing.