China's Tencent plans to buy 5% stake in retail chain Yonghui Superstores

REUTERS/Aly Song

Chinese tech giant Tencent Holding Ltd plans to buy a 5 percent stake in Yonghui Superstores, the department store operator said on Monday, in the latest push by China’s internet giants into offline retail.

The investment, which will be made through Tencent affiliate Linzhi Tencent Technology, will also see the firm take a 15 percent stake in Yonghui’s supply chain and logistics subsidiary via a capital increase, the retailer said.

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