JD.com, Tencent invest $863M in Vipshop

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JD.com, Tencent invest $863M in Vipshop

By Gina Acosta - 12/19/2017

Chinese e-comm giants Tencent Holdings and JD.com are battling back against rival Alibaba by investing $863 million in apparel platform Vipshop Holdings.

Tencent will invest $604 million in exchange for a 7 percent stake in Vipshop, while e-commerce firm JD.com will invest $259 million for a 5.5 percent stake, the two firms said in a statement.

The deal extends a recent push by Tencent into Alibaba's home turf of retail, where the firm hopes to leverage its messaging service WeChat and its online payment systems to drive shopping demand.

Read more about the deal by clicking here.