Chinese instant messaging/gaming giant Tencent (TCEHY.PK) says it plans to invest $1B in its...

|About: Tencent Holding Ltd. ADR (TCEHY)|By:, SA News Editor

Chinese instant messaging/gaming giant Tencent (TCEHY.PK) says it plans to invest $1B in its e-commerce subsidiary, with the goal of creating a "new-generation" consumer e-commerce platform. Tencent's investment could produce fresh competition for Alibaba (ALBCF.PK), which will remain 20%-owned by Yahoo (YHOO) following its pending share buyback, and Jingdong Mall, which has been mulling a U.S. IPO.