Tencent Takes $215 Million Stake In Alibaba Rival

Chinese internet giant Tencent has snapped up 15 per cent of Alibaba rival JD.com in an attempt to step up its presence in the e-commerce market.

Tencent, which is valued at about $120 billion (£72 billion) has acquired the $215 million stake in an attempt to secure a better footing in the etail market after what analysts believe to be unsuccessful attempts to launch its own online retail businesses.

Alibaba, whose valuations vary but centre on around $100 billion, has emerged as China’s dominant force in e-commerce but both it and Tencent are attempting to broaden their interests across the digital spectrum.

Tencent has been more successful in online gaming and social media with its WeChat app.