JD.com, Tencent invest $863M in Vipshop
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.
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