Asia Express - Consumer Electronics
Tencent and Jointly Invest USD$863 Million in Online Retailer Vipshop
January 05, 2018

Chinese Tencent announced that it will work with to jointly invest USD$863 million in Chinese leading online discount retailer Vipshop, with an aim to compete with Alibaba, the Sina Weibo reported on January 2. Pursuant to the agreement, Tencent will spend USD$604 million to obtain about 7% stake in Vipshop, while, which already has shares in Vipshop, plans to add another USD$ 259 million to increase its stake in Vipshop to 5.5%. Through this cooperation, Tencent is looking forward to better tapping into the shopping needs of users, while taking advantage of its instant messaging and online wallet services on Weixin to help Vipshop boost its position in the Chinese e-commerce market.