Wanda and Tencent team up on ‘smart retail’ venture

Tencent Holdings has launched an Internet technology joint venture with Wanda Commercial Management Group, the country

Tencent Holdings, China’s social media and games giant, has launched an internet technology joint venture with Wanda Commercial Management Group, the country’s largest owner and operator of shopping centres, upping its ante in becoming a “smart” retailer, very much in line with Alibaba Group Holding’s push to integrate its online and bricks-and-mortar resources.

Tencent said on May 30 it has taken a 42.5% stake in the new yet-unnamed venture, without giving a price.