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Wanda teams up with Baidu and Tencent in an e-ecommerce joint venture
Online Edition
Dalian Wanda Group said it has teamed up with two Chinese Internet giants to invest in a 5 billion yuan (US$794 million) e-commerce company to boost shrinking retail sales at brick-and-mortar stores.
Wanda will hold a 70 percent stake in the joint venture while Baidu and Tencent will each take 15 percent and the three companies will pour 1 billion yuan into the company in the first year after its launch, according to a joint statement today.
It will also build a unified membership system to combine Baidu's online search capabilities and Tencent's social media strength.
Wanda's core businesses include commercial property and department stores, and the company hopes to combine each other's resources and turn customers at Wanda's department store into online shoppers.
Wanda's department stores and hotels will also be converted into service points for its e-commerce business.
"If successfully managed, it could be a big challenge for Alibaba's existing business, but the actual results will depend on how many resources Tencent and Baidu is willing to pour into the joint venture," said Wang Xiaoxing, researcher at domestic Internet consultancy Analysys International.
Domestic Internet giants are eager to bring shoppers from department stores to online marketplaces.
Alibaba made a strategic investment in Yintai Holdings earlier this year, hoping to drive synergies between the two business formats.
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