Tencent Mulls Backing Carrefour as Chinese Internet Firms Team Up With Retailers
Tang Shihua
/SOURCE : Yicai
Tencent Mulls Backing Carrefour as Chinese Internet Firms Team Up With Retailers

(Yicai Global) Jan. 23 -- Tencent Holdings Ltd. is poised to work with Carrefour SA in China as Chinese internet firms form tie-ups with retailers.
Tencent and Yonghui, a Chinese supermarket chain operator that Tencent has a 5 percent stake in, are considering backing Carrefour China, the Boulogne-Billancourt-based group said in a press release today.

If the deal goes through, Carrefour will remain the largest shareholder of Carrefour China.
"Moreover, Carrefour and Tencent are pleased to announce they have signed a preliminary agreement regarding a strategic business cooperation in China, in order to bring together Carrefour's longstanding retail knowledge and Tencent's digital expertise and innovation capabilities," the press release said.

Their partnership will help Carrefour expand its online presence. Tencent will promote the use of WeChat, WeChat Pay and its cloud computing services "within the Carrefour ecosystem."
Chinese internet titans have teamed up with offline retailers. JD.Com Inc. has cooperated with Wal-Mart Stores Inc. for years, and Alibaba Group Holding Ltd., Tencent and others are eager to work with offline sellers.

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Keywords: TENCENT , Carrefour , Investment , Business Partnership , New Retailer