Tencent Holdings has bought a 15% stake in e-commerce site JD.com
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2015-06-04 15:22:52
China's Tencent Holdings has bought a 15% stake in e-commerce site JD.com. Asia's biggest internet company will pay about $215m for the stake, which could increase to 20% after JD.com's planned listing in the US. JD.com is expected to raise $1.5bn from an initial public offering in the US. The purchase also marks heightened efforts by Tencent to take on rival e-commerce giant Alibaba. Under the deal, JD.com will take full control of Tencent's e-commerce business, which includes subsidiaries such as QQ Wanggou and Paipai. Tencent is also looking to integrate its popular WeChat mobile messaging service with JD.com since the chat application allows online payments. "We hope to enhance our ability to provide high quality and enjoyable shopping experience to a broader and growing user base while strengthening our direct sales and marketplace businesses on mobile and internet," JD.com chairman Richard Liu said in a statement. Tencent shares fell following the news.
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