Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Tencent operates online entertainment, gaming and trading portals.
A big Chinese Internet player is planning a major investment in e-commerce.
Tencent Holdings Ltd. will invest $1 billion in its e-commerce subsidiary, company chairman Ma Huateng announced yesterday. He said the company will build a reliable business-to-consumer e-commerce platform and invest in logistics, warehousing and other assets.
He also said the company will be on the lookout for potential investments in emerging e-commerce companies.
Tencent operates the news and information portal QQ.com, an instant messaging service, the SoSo.com search engine, the trading portal Paipai.com and online payment service Tenpay, and develops online games. Tencent is also a partner with U.S.-based Groupon Inc. to offer daily deals in China.
E-commerce is growing rapidly in China. Forrester Research Inc. estimates online sales will grow 27% a year from 2010 to 2015, reaching $159.4 billion by 2015.