Tencent plans to invest in Yonghui Superstores
Chinese tech giant Tencent Holding is moving to buy a 5 per cent stake in Yonghui Superstores, says the department store owner.
In a filing to the Shanghai stock exchange, the retailer says the investment will be made through an affiliate of Tencent, which also aims to take a 15 per cent stake in Yonghui Superstore Co’s supply chain and logistics subsidiary via a capital increase.
Details, including transaction prices, are still be discussed, Reuters reports.
Trading in Yonghui Superstores remains suspended after being halted four days ago.
The move echoes Alibaba Group Holding Ltd announcing last month that it would invest US$2.9 billion for a major shareholding in China hypermarket owner Sun Art Retail Group.
Hong Kong-based Dairy farm International owns 19.99 per cent of Yonghui.