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China's Wanda, Tencent, Baidu To Set Up $814 Million E-Commerce Company

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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Wang, chairman of Chinese property developer Dalian Wanda Group, sits in a meeting room as he arrives for launch ceremony for Qingdao Oriental Movie MetropolisBy Paul Carsten BEIJING (Reuters) - China's Dalian Wanda group and Tencent Holdings Ltd said on Friday they would set up a 5 billion yuan ($814 million) e-commerce joint venture with Baidu Inc , as the firms push into the high-growth e-commerce sector. The joint venture, to be registered in Hong Kong, will be 70 percent owned by privately-held Wanda, while Chinese internet giants Tencent and Baidu will hold 15 percent respectively, Wanda and Tencent said in separate press releases. China is the biggest e-commerce market in the world, with its No. 1 player, Alibaba Group Holding Ltd [iPO-BABA.N], transacting more goods than Amazon.com Inc and eBay Inc combined.




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