Chinese internet giants Tencent and Baidu team up to take on Alibaba’s e-commerce dominance
The e-commerce war in China is heating up to a level never seen before — two Chinese internet giants, Tencent and Baidu, are teaming up in e-commerce to take on the country’s top e-commerce firm: Alibaba. Tencent, Baidu and Chinese conglomerate Wanda have jointly announced that they are investing CNY5 billion ($814 million) over the next three years to set up an e-commerce company. The first year will see a total of CNY1 billion ($163 million) being sunk in. Wanda, which has businesses in real estate, tourism and entertainment, will hold a 70 percent stake in the joint venture, while Tencent and…
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