Baidu, Tencent retreat from US$3b tie-up
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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 with billionaire Wang Jianlin's Dalian Wanda Group to set up ffan.com in 2014. At the time, they talked about how the venture could become the world's largest e-commerce platform by - among other things - helping shoppers find stuff in malls, and merchants manage payments and data. Instead, Baidu and Tencent had been replaced as shareholders by a company backed by Mr Wang as of July 7, a corporate filing showed.
Copyright SPH Media. All rights reserved.
TRENDING NOW
S-E Asia tourism takes hit from Middle East crisis, but intra-regional travel could spell hope
Higher costs, lower returns: Why are Singaporeans still betting on real estate?
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
