Tencent Holdings Ltd. (700), China’s biggest Internet company, said it plans to invest $1 billion in its independently run e-commerce unit to build a “new- generation” business-to-consumer platform.

The company also appointed President Lau Chi Ping as the chairman of Tencent E-Commerce Holding Co., according to a statement posted on its website yesterday, citing Chief Executive Officer Ma Huateng.

To contact the reporter on this story: Jim Jia in New York at jjia1@bloomberg.net

To contact the editor responsible for this story: Joshua Fellman at jfellman@bloomberg.net