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Alibaba and Tencent founders are now China’s richest people

Founders of two Chinese tech giants are now the richest people in the country, according to latest estimates by Forbes. Jack Ma, Chairman of Alibaba Group, unseated Wang Jianlin of Dalian Wanda Group, China’s largest real estate developer as well as the world’s largest movie theater operator in May to become China’s richest person. As of July 21, Ma has a net worth […]

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Tencent-Baidu-Wanda Unveil E-commerce Site Ffan To Compete With Alibaba

One year after its establishment, Tencent-Baidu-Wanda’s e-commerce joint venture has finally rolled out e-commerce service Ffan to tap into China’s O2O e-commerce industry. In essence, Ffan is an open platform  that aims to redirect online users to all kinds of offline services, such as parking, reservations at restaurants, and purchasing film tickets and products at discounts. The […]

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Tencent and Baidu Team Up with Wanda to Challenge Dominance of Alibaba in Chinese E-commerce Industry

Wanda Group, China’s top commercial property conglomerate which is also engaged in tourism, hotels and entertainment, is teaming up with Chinese Internet giants Tencent and Baidu to set up an e-commerce joint venture by investing 5 billion yuan (around US$814 million) on aggregate. Wanda will hold a dominant 70% stake in the joint venture, while Tencent and […]