Pursuits
Wanda Teams With Tencent, Baidu to Challenge Alibaba
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Three billionaires from China’s property and Internet industries are forming an online shopping venture to challenge Alibaba Group Holding Ltd. as it heads toward what may be the biggest initial offering in the U.S.
Dalian Wanda Group, China’s biggest commercial land developer, is joining with Tencent Holdings Ltd. and Baidu Inc. to form the 5 billion yuan ($813 million) venture. Wanda will have a 70 percent stake while the other two companies will own 15 percent each, Wanda said in a statement.