Alibaba, Tencent spend billions in race to be China's one-stop online shop
January 20, 2015 at 16:00 PM EST
BEIJING/SHANGHAI, Jan 21 (Reuters) - Alibaba and Tencent spent more than $8 billion last year alone backing often strikingly similar ventures, as the Chinese Internet giants race to create online one-stop-shops to win the digital loyalty of a tenth of the world's population.