Tencent-led group to invest $1.6 bln in menswear firm Heilan - sources [Reuters (UK)]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Reuters
Tencent-led group to invest $1.6 billion in menswear firm Heilan: sources | Reuters 3 Min Read HONG KONG (Reuters) - Tencent Holdings Ltd is leading a deal to invest 10 billion yuan ($1.59 billion) in Chinese menswear group Heilan Home Co Ltd, upping a retail rivalry with fellow internet giant Alibaba Group Holding Ltd, sources with knowledge of the matter said. China’s second-largest e-commerce company JD.com Inc and online clothing platform Vipshop Holdings Ltd will also be among the group that plans to acquire less than 10 percent of the company for 5 billion yuan, one source said. Another 5 billion yuan would help set up an industrial investment fund to focus on deals that fit with Heilan’s business, the person said, requesting anonymity because they were not authorized to speak to the media. Heilan had a market value of about $8.13 billion as of Monday, when it halted shares from trading, pending deal announcements. Tencent, JD.com and Vipshop declined to comment. A Heilan spokes
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