Date
18 August 2017

Tencent to buy HK$1.5 bln stake in China South City, report says

Internet giant Tencent Holdings Ltd (00700.HK) plans to up its e-commerce game by paying HK$1.5 billion (US$193.44 million) for a stake in China South City Holdings (01668.HK), a developer of logistics and retail centers, the China Securities Journal reported Thursday, citing a statement. Tencent will buy 680.3 million new shares of China South City for about 9.9 percent of the latter’s enlarged issued share capital, it said. China South City agreed to grant Tencent the option to buy another 244.8 million new shares in the developer, giving Tencent up to 13 percent of the company. The pair will collaborate on logistics, online payments as well as online-to-offline business, the report said.

– Contact HKEJ at [email protected]

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