Long-time collaborators JD.com and Tencent Holdings have each purchased minority stakes in Better Life, a Chinese retail conglomerate. According to a registration made on Friday by Better Life, which is traded on the Shenzhen Stock Exchange, Tencent paid 886.9 million RMB (about $140 million) for a 6% stake, while JD.com took a 5% stake for 739.1 million RMB ($117 million).
This is the second time in the past few months that Tencent and JD.com, which formed an alliance about four years ago to purchase Alibaba Group, have poured funds into the same retail company. In December, the two invested overall $863 million in Vipshop, an e-commerce business that aims mostly on fashion.
Based in Xiangtan, Hunan Province, Better Life’s businesses comprises of department stores, supermarkets and convenience stores.
Alibaba and Tencent are busy developing their brick-and-mortar retail investments to enlarge the number of stores that use their competing mobile payment services and e-commerce platforms. Since the beginning of 2017, the two rivals have put a combined total of $10 billion into brick-and-mortar stores, according to Reuters, aiming on supermarket chains and big box retailers. Tencent’s portfolio comprises of Heilan Home, Carrefour, Yonghui Superstores and Wanda Commercial, while Alibaba has backed Sanjiang Shopping Club, Lianhua Supermarket, Suning.com, Intime Retail, Wanda Film and Easyhome.
Featured Image: Bloomberg/Getty Images
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