Tencent pumps USD 85m into LBX Pharmacy



Laobaixing Pharmacy Chain Joint Stock Company (603883.SSE) is set to raise RMB 600 million (USD 84.8 million) via a private placement of 8,530,000 shares at RMB 70.34 (USD 9.95) each to Linzhi Tencent Technology Co., Ltd, a subsidiary of Shenzhen Tencent Industrial Fund Co., Ltd.

The two also agreed to work together on smart retailing and cloud computing and services. Offerings will cover marketing, Tencent Cloud Service (OCR image recognition, big data), artificial intelligence (AI) such as intelligent reviewer and facial recognition, big data intelligent location selection and operation optimization, intelligent projection, and internal management product output.

LBX Pharmacy Chain JSC stock is trading at RMB 100 (USD 14) as of this writing.

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