Tencent to Invest USD500 million in Hillhouse China Drugstores

October 9, 2019 0:46 pm

Beijing (PingWest)- Chinese internet giant Tencent is planning to invest about USD500 million in Hillhouse Capital Group’s Chinese drugstore business, in a deal that values the unit at around USD2.5 billion, a source closed to the matted told The Information.

The potential investment is the latest sign that Chinese social and gaming giant Tencent, which operate China’s largest social messaging app Wechat, is foraying into healthcare as it is attempting to move beyond its core business of social network and online games.