Tencent buys stake in bricks-and-mortar supermarket chain
Business & Technology
The South China Morning Post reports that internet giant Tencent has agreed to buy a 5 percent stake for supermarket chain Yonghui Superstores.
- The stake was valued at 4.22 billion yuan ($639 million); shares in Shanghai-listed Yonghui surged around 10 percent at the news.
- In November, Tencent’s key rival Alibaba bought a stake in Sun Art Retail, a supermarket chain, for $2.9 billion.
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