A Tencent subsidiary is buying a 6 percent stake in Better Life
Commercial Chain Share Co Ltd for 886.9 million yuan ($140
million), Better Life said in a filing to the Shenzhen stock
exchange on Friday.
A subsidiary of JD.com, Alibaba Group's e-commerce rival, will
take a 5 percent stake for 739.1 million yuan, according to the
same filing.
Hunan-based chain store operator Better Life, also known as
Bubugao, announced a strategic agreement with Tencent at the
beginning of the month to collaborate.
The three companies and the stakes' existing shareholders agreed
to the transactions on Feb. 14, according to the filing.
The deals come as China's largest tech firms, Alibaba and
Tencent, are on a retail investment binge, forcing merchants to
choose sides amid a battle for shoppers' digital wallets.
Better Life's shares, suspended since Jan. 22, will resume
trading on Monday, it said.
(Reporting by Sijia Jiang; Editing by Mark Potter)
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