(Reuters) – Chinese technology company Tencent Holdings Ltd (0700.HK) is considering a bid for part of Singapore state investor Temasek Holdings (Private) Ltd’s [TEM.UL] stake in beauty and health retailer A.S. Watson, Bloomberg reported on Wednesday, citing sources.

Temasek is weighing selling around a 10 percent stake in A.S. Watson for about $3 billion, the report said.

The stake has also drawn interest from e-commerce giant Alibaba Group Holding Ltd (BABA.N), according to the report.

Tencent could team up with some investment funds to make an offer for the stake in A.S. Watson, part of conglomerate CK Hutchison Holdings Ltd (0001.HK).

A.S. Watson said it had no comment on the speculation. Tencent and Alibaba did not respond to requests for comment.

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