Chinese internet giant Tencent has teamed up with supermarket chain operators ParknShop and Yonghui Superstores in its latest move to shake up the country’s vast bricks-and-mortar retail market.
The joint venture formed by the three companies, called ParknShop Yonghui, is valued at CNY 1.2 billion (USD 170 million), Yonghui said in a statement released by Shanghai’s stock exchange on Oct 24.
ParknShop is a member of the AS Watson Group, the world’s largest health and beauty retail group and the retail arm of Hong Kong conglomerate CK Hutchison, which was formerly chaired by tycoon Li Ka-shing. This is the first time companies within the group have formed a joint venture with mainland Chinese firms.
Source: SCMP
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