Rumor: Wanda, Baidu, Tencent to Form E-Commerce JV
iFeng Tech, 8/27/14
According to a company source, Chinese entertainment conglomerate Dalian Wanda Group will make a joint announcement on August 29 with Chinese internet firms Baidu (Nasdaq: BIDU) and Tencent (0700.HK) concerning the formation of a new e-commerce joint venture.
The three companies have invested a combined RMB 5 bln into the new company, with Wanda holding a 70% stake and Baidu and Tencent each owning 15%. None of the three companies has made any formal comments on the rumor.
Editor's Note: For more information on this topic, please see "Wanda Group to Invest RMB 5 Bln in E-commerce," MD 7/18/14 issue.
Keywords: e-commerce Internet Baidu Tencent JV 0700.HK BIDU Wanda
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