Tencent Holdings, the corporate investing unit of China internet group Tencent, has formed a strategic partnership with China e-commerce site, JD.com, which included Tencent acquiring a 15% stake in the business for a reported $214.7m. The move will enable Tencent to gain traction in the China market and beef up its competitiveness against the likes of other internet commerce sites, such as Alibaba.
Tencent’s corporate venturing unit, Tencent Holdings, has invested a reported $214.7m to acquire a 15% stake in China e-commerce company, JD.com. According to Tencent, the two companies have formed the partnership so that the two can beef up superior eCommerce services to mobile and Internet users in China. The strategic partnership enables JD to tap Tencent’s significant mobile and internet user base ad Tencent can leverage JD’s eCommerce services.
As part of the deal, JD will become Tencent’s preferred partner…
