China’s Wanda, Tencent and Baidu team up for $813 million e-commerce deal

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BEIJING – China’s privately-held Dalian Wanda Group is set to launch a 5 yuan ($813 ) e-commerce joint venture with domestic internet giants Tencent Holdings Ltd and Baidu Inc, according to two sources familiar with the investment.

The e-commerce venture, which be 70 percent owned by Wanda and 15 percent held by Tencent and Baidu respectively, is set to be announced later this week, the people said.

The venture unite three China’s most powerful non-state companies. For Wanda, the tie- with Tencent and Baidu opens the door to new opportunities in the world’s biggest e-commerce as the rise smartphones creates new business opportunities.

Wanda is a commercial property, luxury and film conglomerate controlled by Wang Jianlin, China’s wealthiest billionaire with a net worth $16 according to Forbes.[eap_ad_2] 

Wanda, which bought U.S.-cinema operator AMC Entertainment Holdings Inc in 2012, operates 83 department stores in major cities throughout China.

Shenzhen-based Tencent, a social media and video games mammoth, is China’s biggest listed internet firm with a capitalization of $156 . Beijing-based Baidu is China’s dominant search engine provider.

In July, Wang Jianlin said Wanda a 50 billion yuan e-commerce business without disclosing who the investors would be.

A Wanda declined to comment, as did spokeswomen for Baidu and Tencent. (Reuters)[eap_ad_3]