Chinese Internet giant Tencent Holdings is taking a stake in JD.com, a partnership aimed at challenging Alibaba Group Holding e-commerce dominance.
Tencent has agreed to pay $214.7 million for a 15 percent stake in JD.com, the companies announce late Sunday. JD.com is China's second-largest e-commerce company behind Alibaba , which controls nearly 80 percent of China's internet shopping market.
As part of the deal, Tencent agreed to buy an additional 5 percent stake in JD.com after it completes a planned $1.5 billion US listing ahead of a much-anticipated listing by Alibaba.
The deal … Read more