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Tencent deal heats up rivalry in China's e-commerce market |
March 10, 2014
Alibaba Group’s hold over China’s e-commerce market is facing a new challenge from rival Tencent, which is joining forces with a local online retailer to expand in the nation’s growing mobile Internet market.Tencent, the maker of China’s most popular messaging products, is partnering with JD.com, another e-commerce player that competes with Alibaba’s online retail sites. The deal, announced on Monday, gives JD.com access to Tencent’s vast user base, numbering in the hundreds of millions.As part of the deal, Tencent is acquiring a 15 percent stake in JD.com for about US$215 million. The company will then buy another 5 percent of JD.com shares after its initial public offering in the U.S.To read this article in full or to leave a comment, please click here
Link: http://www.pcworld.com/article/2106220/tencent-deal-heats-up-rivalry-in-chinas-ecommerce-market.html#tk.rss_all
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