Tencent pays $84m to up stake in Chinese discount sales site Vipshop

Tencent Holding Ltd

Tencent has picked up more shares in the Chinese online discount sales website Vipshop, paying about $84.19 million to increase its stake in the firm from 8.7 per cent to 9.6 per cent to further boost its presence in the country’s hyper-competitive e-commerce space.

The Chinese social and gaming giant purchased an aggregate of 6.47 million American depositary shares (ADSs) in Vipshop for a combined $84.19 million in the open market through a series of transactions from November 25 to December 13, according to a Vipshop filing with the New York stock exchange on Tuesday.

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