Tencent to pick up stake in supermart chain for $638m in rare retail foray

Tencent
A pedestrian walks past Tencent Holdings Ltd.'s new under-construction headquarters in Shenzhen, China, on Monday, Aug. 22, 2016. Photographer: Qilai Shen/Bloomberg

Tencent Holdings Ltd. will acquire a stake in Chinese supermarket chain Yonghui Superstores Co. for about 4.22 billion yuan ($638 million), a rare incursion into a physical retail arena coveted by rival Alibaba Group Holding Ltd.

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