Internet group Tencent has agreed to pay approximately RMB188m ($29.9m) for a 15% stake in Yonghui Yunchuang Technology, the supply chain services spinoff of China-based retailer Yonghui Superstores, Nikkei has reported.
Tencent affiliate Linzhi Tencent Technology made the investment alongside approximately $9.9m of funding from Yonghui Superstores itself, according to a stock exchange filing. The latter’s share of Yunchuang will fall from 52% to 46.6%.
The deal came after Linzhi Tencent Technology agreed last month to buy a 5% stake in Yonghui Superstores, which operates roughly 600 big-box superstores in China, for about $636m.