Just six weeks after Meituan and Dianping merged to form the largest on-demand services provider in China, Alibaba is seeking to sell their stake in the new company, worth approximately 7 percent, according to sources who spoke to the Wall Street Journal.

The stake is worth some $1 billion USD, the same amount that Tencent is reportedly preparing to invest in the new entity. Alibaba owned a stake in Meituan prior to the merger while Tencent held a stake in Dianping. 

The newly formed company oversees a range of on-demand services including movie ticketing, restaurant booking and other services linking brick and mortar businesses to consumers via the mobile platform. 

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com