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Baidu, Tencent retreat from US$3b tie-up

The split from Mr Wang's Dalian Wanda Group came as China's biggest technology companies burn billions of dollars in a race to become the go-to provider of online services.

Hong Kong

BAIDU INC and Tencent Holdings Ltd have pulled out of a US$3 billion venture with one of China's richest men, barely two years after it was launched with the ambition of revolutionising mall shopping.

China's largest search engine and its top Internet company teamed up