Tencent invests in Fab, takes on Alibaba
By Gao Yuan | China Daily | Updated: 2013-06-20 07:23
US e-commerce website Fab.com said on Wednesday it had raised investment of $150 million from companies including Chinese Internet giant Tencent Holdings Ltd.
Analysts said Tencent may help Fab enter the Chinese online market, which is expected to record nearly 2 trillion yuan ($326 billion) in sales by the end of this year.
Shenzhen-based Tencent said it will make a "minority investment" in the US company, but has not disclosed the value of its investment.
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