China's Wanda, Tencent, Baidu to set up $814 million e-commerce company: Wanda

Reuters News
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Posted: Aug 28, 2014 10:08 PM

(Reuters) - China's privately-held Dalian Wanda group said on Friday it would set up a 5 billion yuan ($814 million) Wanda e-commerce joint venture with Tencent Holdings Ltd and Baidu Inc.

The joint venture will be 70 percent owned by Wanda, while Chinese internet giants Tencent and Baidu will hold 15 percent respectively, Wanda said in a press release.

(Reporting by Paul Carsten; Editing by Stephen Coates)