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article partnership goes straight for Alibaba's throat

    Mar 9, 2014 in Technology

BEIJING (Reuters) - Tencent Holdings Ltd will buy a 15 percent stake in China's No. 2 e-commerce firm for $214.7 million, saying the two firms want to form a strategic partnership to transform the country's e-commerce industry. will also take control of Tencent's own, unsuccessful e-commerce businesses, which will be 100 percent owned by Tencent Digital, Tencent E-Commerce, Yixun Logistics and Tencent Guangzhou will all cease to be subsidiaries of Tencent.

Tencent President Martin Lau will take a seat on the board of directors. filed for a $1.5 billion U.S. listing of its shares in January. Tencent also plans take an additional 5 percent of on a post-IPO basis.

(Reporting by Paul Carsten; Editing by Edwina Gibbs)

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