Comment on Tencent and Baidu Team Up with Wanda to Challenge Dominance of Alibaba in Chinese E-commerce Industry by Tencent and Baidu Team Up with Wanda to Challenge Dominance of Alibaba in Chinese E-commerce Industry | Kungpao.tv

['Emma Lee', 'More Emma Lee', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-08-29 00:00:00

Wanda will hold a dominant 70% stake in the joint venture, while Tencent and Baidu will own 15%, respectively. Wanda E-commerce is engaged in sell services rather than physical products, he added. The joint venture has named Dong Ce, former executive of luxury product e-commerce sites Jiapin.com and Xiu.com, as CEO. Wanda’s establishment of e-commerce join venture us to recall the widely-discussed anecdote between Wang Jianlin and Jack Ma, president of Alibaba. Holding divergent views on how China will shop in 10 years, the two Chinese tycoons almost made a 100 million yuan (US$16 million) bet on the future of Chinese retail sector.