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Wanda, Baidu, Tencent to set up e-commerce company

English.news.cn   2014-08-29 14:55:38

SHENZHEN, Aug. 29 (Xinhua) -- Chinese property giant Dalian Wanda Group on Friday announced that it will set up an e-commerce joint venture with two of the country's leading IT companies, Baidu and Tencent.

The preliminary investment will be 5 billion yuan (819.67 million U.S. dollars), and total investment will reach 20 billion yuan in five years, said Wang Jianlin, chairman of Wanda, at a contract signing ceremony.

Wanda will hold a 70-percent stake, while Baidu and Tencent will each hold 15 percent.

The e-commerce company will be registered in Hong Kong. After a test run this year, its online services will be formally launched next year.

Editor: Fu Peng
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