Tencent and JD.com step up their challenge to Alibaba with Vipshop deal
Tencent Holdings and JD.com will buy a slice of one of China’s largest online retailers for $863m, forging an alliance to take on Alibaba in e-commerce and digital payments. The pair agreed to buy shares in US-listed Vipshop Holdings at a premium of 55% to their previous close. The deal comes with a business co-operation pact that […]