Internet JV formed

Source: Xinhua | 2018-05-31

CHINESE property conglomerate Dalian Wanda has partnered with Tencent and GaoPeng to set up an Internet joint venture, the three companies said yesterday.

The joint venture will leverage the three companies’ strengths to promote a new retail model, integrating online and offline resources.

Wanda’s commercial management branch and Tencent will hold 51 percent and 42.48 percent stakes of the new company, respectively, while GaoPeng, a joint venture by US group-buying website Groupon and Tencent, will hold the remaining 6.52 percent.

The new firm will help upgrade Wanda’s commercial centers with smart solutions by using Tencent’s huge online traffic and GaoPeng’s digital invoice services.