Tencent, Baidu And Wanda Form $814M Joint Venture To Take On Alibaba
August 29, 2014 at 01:22 AM EDT
Chinese Internet giants Tencent and Baidu are teaming up with conglomerate Wanda to form an RMB 5 billion (about $814 million) e-commerce joint venture in a bid to challenge Alibaba’s dominance. Wanda, a real estate and movie theater chain group, will hold a 70 percent stake, while Tencent and Baidu will each hold 15 percent. Read More
