Social media giant Tencent Holdings increased its stake in New York-listed discount retailer Vipshop Holdings Ltd. to 9.6% from 8.7% after a series of open-market purchases between Nov. 25 and Dec. 13, according to a Vipshop filing Tuesday.

Tencent, the second-largest shareholder of Vipshop behind Chief Executive Shen Ya, spent about $84 million to add 6.5 million of Vipshop’s American Depositary Shares to its holdings at an average price of $13.01 apiece, according to the filing.

Vipshop’s shares closed up 1.6% Tuesday at $13.85 each.

Tencent and leading e-commerce platform JD.com stuck a deal with Vipshop in 2017 to jointly invest $863 million in Vipshop. After the transaction, Tencent held 7% of Vipshop with JD.com owning 5.5%.

The stakes held by Tencent and JD.com have a two-year lockup, which will expire Wednesday.

Over the past two years, Tencent has increased its holding in Vipshop three times. JD.com also increased its holding to 7.6% after two purchases.

According to the latest financial reports, Tencent and JD.com contributed 20% of Vipshop’s new customer growth in the third quarter. Active shoppers at Vipshop rose 21% to 31 million by the end of September. The company’s sales revenue grew 10% to 19.6 billion yuan ($2.8 billion).