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.