Alibaba, Tencent teaming up in US$15b deal: sources
Merger may allow longtime rivals to divide China's most promising Internet businesses between them
Hong Kong
JACK Ma and Pony Ma, whose business rivalry dates back more than a decade, are starting to look like the best buddies of China's Internet.
Jack, founder of Alibaba Group Holding Ltd, and Pony, founder of Tencent Holdings Ltd, are said to be joining forces for the second time this year by combining two startups that they have financed in a US$15 billion deal. Meituan.com, the one partly owned by Alibaba, and Dianping. com, backed by Tencent, have been competing to offer local services online. They could announce a merger as soon as Thursday, people familiar with the matter said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses