Tencent and JD.com invest $863M into e-commerce firm Vipshop to battle Alibaba

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Tencent, the internet giant that recently became Asia’s first $500 billion company, is continuing its investment spree after it agreed to buy $604 million in shares of Chinese online retailer Vipshop.

The deal is being made with long-time partner JD.com, which will invest $259 million into Vipshop, which is listed on the New York Stock Exchange. That takes the total between the two to $863 million.

The duo are paying a 55 percent premium for the stock, which will give Tencent a seven…

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