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Wednesday, August 27, 2014

China's Wanda, Tencent and Baidu team up for $813 million e-commerce deal-sources, (NASDAQ: BIDU)

China's privately-held Dalian Wanda Group is set to launch a 5 billion yuan ($813 million) e-commerce joint venture with domestic internet giants Tencent Holdings Ltd and Baidu Inc, according to two sources familiar with the investment.The e-commerce venture, which will be 70 percent owned by Wanda and 15 percent held by Tencent and Baidu respectively, is set to be announced later this week, the people said.The venture will unite three of China's most powerful non-state companies. For Wanda, the tie-up with Tencent and Baidu opens the door to new opportunities in the world's biggest e-commerce market as the rise of smartphones creates new business opportunities.Wanda is a commercial property, luxury hotel and film conglomerate controlled by Wang Jianlin, China's wealthiest billionaire with a net worth of $16 billion according to Forbes.

Baidu, Inc. (Baidu) is a Chinese-language Internet search provider. Shares of BIDU fell by 0.33% or $-0.72/share to $216.08. In the past year, the shares have traded as low as $132.31 and as high as $229.60. On average, 3015090 shares of BIDU exchange hands on a given day and today's volume is recorded at 1861727.