Tencent, Geely on track

Source: Xinhua | 2018-06-08

TENCENT Holdings Ltd said it has formed a consortium with domestic automaker Zhejiang Geely Holding Group to jointly secure a minority stake in High Speed Network Technology Company, which provides Wi-Fi and technology services to high-speed rail customers across China.

Tencent and Geely Holding will jointly hold 49 percent of the company which is a wholly owned subsidiary of state-owned China Railway Corporation, according to a joint statement yesterday. But the transaction amount was not disclosed. Geely and Tencent will collaborate to set up more on-board Wi-Fi hotspots and to create a platform providing various value-added services throughout the high-speed rail network.