Tencent Holdings Ltd, China's biggest Internet company, plans to invest $1 billion in its e-commerce unit to meet the rising demand for online shopping.

The company will look for opportunities to invest in e-commerce operators and work more with other online sellers, it said in a statement on Thursday. Tencent appointed Martin Lau, company president, chairman of the e-commerce unit.

China's e-commerce market may handle 1.1 trillion yuan ($173 billion) in transactions this year, an increase of 42 percent year-on-year, JPMorgan Chase & Co said in January.

China Daily - Agencies