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Tencent to Buy 15% Stake in to Boost E-Commerce

Tencent Holdings Ltd., Asia’s largest Internet company, agreed to buy a 15 percent stake in Chinese e-commerce website Inc. to build a stronger competitor to Alibaba Group Holding Ltd.

Tencent will pay $214.7 million in cash and transfer its e-commerce businesses QQ Wanggou and Paipai and a minority stake in Yixun to, according to a filing today. Tencent also agreed to buy a further stake representing 5 percent of the company after it completes an initial public offering, it said.