Tencent buys stake in Chinese supermarket chain, waging war with Alibaba in new retail
(WorldNews China)

Tencent Holdings has agreed to purchase a stake in one of China’s largest supermarket chains, Yonghui Superstores, in the latest move to step up the war with Alibaba Group Holding in the “new retail� battleground of online-offline shopping. Shanghai-listed Yonghui announced on Monday evening that Tencent would buy a 5 per cent stake at an unspecified price. At the same time, Tencent would increase its investment in Yonghui Yunchuang Technology, which will give the technology......