Chinese internet giants Tencent and JD.com have agreed to invest $863m into discount online retailer Vipshop.
Gaming and messaging company Tencent and ecommerce company JD.com will buy Vipshop Class A ordinary shares for $65.40 a piece, the equivalent of $13.08 per American depositary share, Vipshop said in a statement. That represents a 55 per cent premium over the closing price of the shares on Friday.
Tencent will buy newly issued Class A shares for $604m and JD.com is investing $259m. After the deal closes, Tencent will hold a 7 per cent stake and JD.com a 5.5 per cent stake in Vipshop.
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