China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed&nbsp;China&nbsp;Literature, and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews.

The State Administration of Market Regulation said in a statement that it had taken the decision after reviewing deals the firms were involved in, including Alibaba's past deal with Intime Retail (Group) Co Ltd and&nbsp;China&nbsp;Literature's acquisition of New Classics Media.

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The punishments come after controllers a month ago announced their goal to expand examination of China's biggest tech companies with the new enemy of syndication rules.

Beijing in November revealed draft guidelines that set up a structure for controlling hostile to serious conduct, for example, intriguing on sharing delicate customer information, collusions that crush out more modest opponents, and sponsoring administrations at beneath cost to dispose of contenders. Offers in Alibaba and Tencent expanded misfortunes and shut down over 2.5 per cent.

Also read:&nbsp;<a href="https://www.wionews.com/technology/china-unveils-guidelines-on-mobile-apps-collection-of-personal-data-347206" hreflang="en">China unveils guidelines on mobile apps' collection of personal data</a>

"Venture and takeovers are significant methods for improvement and development of web organizations," the controller said in the proclamation. "The previously mentioned organizations have a huge impact in the business, do numerous ventures and takeovers, have particular lawful groups and should be acquainted with the guidelines overseeing M&amp;A. Their inability to effectively pronounce has a moderately serious effect."&nbsp;

Beijing's uplifted examination is prodding fears of a more extensive crackdown on the nation's biggest firms. On Monday, shares in number&nbsp;3 web organisation Meituan plunged 3.8 per cent&nbsp;after the People's Daily composed a publication pummeling the business' distraction with developing traffic and volumes in regions, for example, staple conveyance, to the detriment of genuine logical advancement.&nbsp;

China's two biggest companies are likewise generally avaricious, utilising scores of arrangements to venture into neighboring fields and husband to be a portion of the nation's most encouraging startups. Alibaba had driven a $2.6 billion buyout of Intime as a feature of endeavors to grow new plans of action that join the web-based business with physical retailing. China Literature concurred in 2018 to purchase New Classics Media for as much as 15.5 billion yuan to extend in recorded substance.&nbsp;

The organisations had neglected to look for endorsement for the arrangements, which aren't considered the enemy of serious, the antitrust controller said Monday. China Literature said in a proclamation that it has been effectively working with controllers on consistency, while Alibaba agents didn't quickly react to demands for input.

China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature, and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews.

China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature, and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews. The State Administration of Market Regulation said in a statement that it had taken the decision after reviewing deals the firms were involved in, including Alibaba's past deal with Intime Retail (Group) Co Ltd and China Literature's acquisition of New Classics Media. The punishments come after controllers a month ago announced their goal to expand examination of China's biggest tech companies with the new enemy of syndication rules. Beijing in November revealed draft guidelines that set up a structure for controlling hostile to serious conduct, for example, intriguing on sharing delicate customer information, collusions that crush out more modest opponents, and sponsoring administrations at beneath cost to dispose of contenders. Offers in Alibaba and Tencent expanded misfortunes and shut down over 2.5 per cent. Also read: China unveils guidelines on mobile apps' collection of personal data "Venture and takeovers are significant methods for improvement and development of web organizations," the controller said in the proclamation. "The previously mentioned organizations have a huge impact in the business, do numerous ventures and takeovers, have particular lawful groups and should be acquainted with the guidelines overseeing M&A. Their inability to effectively pronounce has a moderately serious effect." Beijing's uplifted examination is prodding fears of a more extensive crackdown on the nation's biggest firms. On Monday, shares in number 3 web organisation Meituan plunged 3.8 per cent after the People's Daily composed a publication pummeling the business' distraction with developing traffic and volumes in regions, for example, staple conveyance, to the detriment of genuine logical advancement. China's two biggest companies are likewise generally avaricious, utilising scores of arrangements to venture into neighboring fields and husband to be a portion of the nation's most encouraging startups. Alibaba had driven a $2.6 billion buyout of Intime as a feature of endeavors to grow new plans of action that join the web-based business with physical retailing. China Literature concurred in 2018 to purchase New Classics Media for as much as 15.5 billion yuan to extend in recorded substance. The organisations had neglected to look for endorsement for the arrangements, which aren't considered the enemy of serious, the antitrust controller said Monday. China Literature said in a proclamation that it has been effectively working with controllers on consistency, while Alibaba agents didn't quickly react to demands for input.

China fines Alibaba, Tencent under anti-monopoly law

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants. The rules, released on Tuesday (October 10, 2020) outlined steps to prevent 'monopolistic behaviour' in internet companies. This is a marked departure from China's previous approach on antitrust issues. The announcement came on the eve of Singles' Day, the world's biggest shopping festival propelled by Alibaba.

Alibaba shares dropped 9.8 per cent in Hong Kong -- just week after regulator halted a huge IPO for Ant Group, the financial arm of Alibaba. Tencent shares slipped more than seven per cent.

Meanwhile, online shopping platform JD.com plunged more than nine percent, smartphone maker Xiaomi dived more than eight percent and food delivery firm Meituan was 9.7 percent lower.

The losses followed massive drops for the firms on Tuesday.

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Dave Wang, portfolio manager at Nuvest Capital told AFP the authorities' move marks an "inflection point" for the sector.

"The dominance of the big players may have reached a point that is making authorities feel uncomfortable," he said.

"They are looking to reduce this dominance or at least keep it in check."

The guidelines, put out by the State Administration for Market Regulation, take specific aim at internet platforms and issues such as exclusivity clauses that hinder competition.

China's antitrust watchdog is also targeting acts constituting an "abuse of dominant market positions" that could squeeze out smaller rivals -- including unfair pricing, restricting transactions without justifiable reason, or pushing different prices and conditions on customers based on their buying habits.

The move to force business partners to "pick one of two", therefore selling exclusively on one platform, is explicitly cited as a monopolistic practice as well.

China's tech firms are known to have captive ecosystems. Alibaba's Taobao platform, for example, supports payments via its own Alipay rather than Tencent's WeChat Pay.

Beijing has moved to clip the wings of its fast-growing online platforms, most recently halting a planned record-smashing $34 billion IPO of Ant Group -- Alibaba's financial arm.

But Supun Walpola, equity analyst at LightStream Research, noted that even if the new rules affect companies' current operations, it does not "drastically" hit their core business models.

"For instance, given its&nbsp;scale and penetration, I see no reason why Alibaba cannot be successful&nbsp;even without practices&nbsp;like data collaboration, price descrimination or exclusivity clauses," he said.

(With AFP inputs)

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants.

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants. The rules, released on Tuesday (October 10, 2020) outlined steps to prevent 'monopolistic behaviour' in internet companies. This is a marked departure from China's previous approach on antitrust issues. The announcement came on the eve of Singles' Day, the world's biggest shopping festival propelled by Alibaba. Alibaba shares dropped 9.8 per cent in Hong Kong -- just week after regulator halted a huge IPO for Ant Group, the financial arm of Alibaba. Tencent shares slipped more than seven per cent. Meanwhile, online shopping platform JD.com plunged more than nine percent, smartphone maker Xiaomi dived more than eight percent and food delivery firm Meituan was 9.7 percent lower. The losses followed massive drops for the firms on Tuesday. ALSO READ | Diwali 2020 Muhurat Trading: Here is what you need to know Dave Wang, portfolio manager at Nuvest Capital told AFP the authorities' move marks an "inflection point" for the sector. "The dominance of the big players may have reached a point that is making authorities feel uncomfortable," he said. "They are looking to reduce this dominance or at least keep it in check." The guidelines, put out by the State Administration for Market Regulation, take specific aim at internet platforms and issues such as exclusivity clauses that hinder competition. China's antitrust watchdog is also targeting acts constituting an "abuse of dominant market positions" that could squeeze out smaller rivals -- including unfair pricing, restricting transactions without justifiable reason, or pushing different prices and conditions on customers based on their buying habits. The move to force business partners to "pick one of two", therefore selling exclusively on one platform, is explicitly cited as a monopolistic practice as well. China's tech firms are known to have captive ecosystems. Alibaba's Taobao platform, for example, supports payments via its own Alipay rather than Tencent's WeChat Pay. Beijing has moved to clip the wings of its fast-growing online platforms, most recently halting a planned record-smashing $34 billion IPO of Ant Group -- Alibaba's financial arm. But Supun Walpola, equity analyst at LightStream Research, noted that even if the new rules affect companies' current operations, it does not "drastically" hit their core business models. "For instance, given its scale and penetration, I see no reason why Alibaba cannot be successful even without practices like data collaboration, price descrimination or exclusivity clauses," he said. (With AFP inputs)

Chinese tech giants Alibaba, Tencent stocks heavily hit after draft antitrust rules

Chinese search engine Sogou would be taken private by tech giant Tencent -- in a deal that values the US-listed firm at around $3.5 billion.

Sohu.com, which is Sogou's parent company, said in a statement that the purchase price will be at $9 per share.

The announcement comes a day after Chinese internet giant Sina Corp, parent company of the country's Twitter-like platform Weibo, said it would be taken private.

A growing number of Chinese companies have delisted from the US or opted for secondary, domestic listings as the world's two superpowers butt heads over a number of issues including technology, Hong Kong and the virus.

This represents a premium of approximately 56.5 per cent to the closing trading price of Sogou on July 24, when the company&nbsp;announced it had received a proposal on going private from Tencent.&nbsp;

If the share purchase is completed, Sohu's subsidiary Sohu.com (Search) will receive an aggregate consideration of around $1.18 billion in cash, and Sohu will no longer have any beneficial ownership interest in Sogou.

Chinese search engine Sogou would be taken private by tech giant Tencent -- in a deal that values the US-listed firm at around $3.5 billion. Sohu.com, which is Sogou's parent company, said in a statement that the purchase price will be at $9 per share.

Chinese search engine Sogou would be taken private by tech giant Tencent -- in a deal that values the US-listed firm at around $3.5 billion. Sohu.com, which is Sogou's parent company, said in a statement that the purchase price will be at $9 per share. The announcement comes a day after Chinese internet giant Sina Corp, parent company of the country's Twitter-like platform Weibo, said it would be taken private. A growing number of Chinese companies have delisted from the US or opted for secondary, domestic listings as the world's two superpowers butt heads over a number of issues including technology, Hong Kong and the virus. This represents a premium of approximately 56.5 per cent to the closing trading price of Sogou on July 24, when the company announced it had received a proposal on going private from Tencent. If the share purchase is completed, Sohu's subsidiary Sohu.com (Search) will receive an aggregate consideration of around $1.18 billion in cash, and Sohu will no longer have any beneficial ownership interest in Sogou.

China search engine Sogou to be taken private by Tencent

In view of the recent ban imposed on PUBG by the Indian government, the PUBG Corporation on Tuesday announced that it has broken all ties with Tencent Games for its franchise in India. This means that the app can now make a comeback in India.

PUBG Corporation has broken ties with Tencent Games for its franchise in India

According to PUBG Corp, it is aware of the whole situation and is actively looking into the entire issue around the ban.

Your Story: PUBG mobile eyeing comeback in India?

After a ban in India, PUBG corporation has decided not to give publishing rights to&nbsp;Tencent Games in India. The decision was announced through a blog post.

"Moving forward, PUBG Corporation will take on all publishing responsibilities within the country," the company said. Tencent, however, has not issued a statement yet.

The decision has been taken almost a week after the Indian government banned the popular game, along with 117 other Chinese-origin&nbsp;apps.

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The ban of PlayerUnknown`s Battlegrounds (PUBG) is being seen as a result of the increasing tension on diplomatic front and borders between India and China.

After the ban was announced, China retaliated by calling the ban irrelevant.&nbsp;"The Indian side abused the concept of ''national security'' and adopted discriminatory restrictive measures against Chinese companies, violating relevant World Trade Organisation rules. China urges India to correct its wrong practices." Chinese Commerce Ministry spokesperson Gao Feng.

Few days after the ban,&nbsp;Bollywood actor Akshay Kumar announced&nbsp;a made-in-India alternative to PUBG Mobile called&nbsp;FAU-G —&nbsp;hort for Fearless and United-Guards. He also claimed that&nbsp;20 per cent of its revenue will be donated to the government's fund-raising initiative Bharat Ke Veer, a trust started by Akshay Kumar.

After a ban in India, PUBG corporation has decided not to give publishing rights to Tencent Games in India. The decision was announced through a blog post. "Moving forward, PUBG Corporation will take on all publishing responsibilities within the country," the company said.

After a ban in India, PUBG corporation has decided not to give publishing rights to Tencent Games in India. The decision was announced through a blog post. "Moving forward, PUBG Corporation will take on all publishing responsibilities within the country," the company said. Tencent, however, has not issued a statement yet. The decision has been taken almost a week after the Indian government banned the popular game, along with 117 other Chinese-origin apps. Also read| FAU-G, Indian alternative to PUBG, set to enter market after China app ban The ban of PlayerUnknown`s Battlegrounds (PUBG) is being seen as a result of the increasing tension on diplomatic front and borders between India and China. After the ban was announced, China retaliated by calling the ban irrelevant. "The Indian side abused the concept of ''national security'' and adopted discriminatory restrictive measures against Chinese companies, violating relevant World Trade Organisation rules. China urges India to correct its wrong practices." Chinese Commerce Ministry spokesperson Gao Feng. Few days after the ban, Bollywood actor Akshay Kumar announced a made-in-India alternative to PUBG Mobile called FAU-G — hort for Fearless and United-Guards. He also claimed that 20 per cent of its revenue will be donated to the government's fund-raising initiative Bharat Ke Veer, a trust started by Akshay Kumar.

PUBG Corporation takes back publishing rights from Tencent in India

In a major crackdown over Chinese investment in India, The Govt of India on Wednesday in another digital strike banned 118 apps including Pubg. The move comes out amid India and China are sharing conflicts over border. However Ministry of Information and Technology said that 'this move will safeguard the interests of crores of Indian mobile and internet users'

India bans another 118 apps including Pubg amid border tensions with China

Taiwan has banned iQiyi (IQ) and Tencent (TCEHY) from operating streaming video services on the island.

According to a government notice published online Tuesday, Tencent Video and iQiyi have been "operating illegally" in Taiwan by partnering with local broadcasters and distributors to provide their video content through streaming services.

To this end, Taiwan's National Communications Commission announced new rules that would prohibit Taiwanese individuals and companies from providing services to mainland Chinese streaming operators and distributing their content. This decision is provisional pending a 14-day public comment period.&nbsp;

The rules are set to take effect on September 3.

The proposed ban is being seen as an evidence of the growing backlash against China's tech champions in global markets.

Relations between Beijing and Taipei have been souring ever since the election of Taiwan President Tsai Ing-wen in 2016, who was perceived by the Chinese government as being in favour of the island's formal independence. Washington has also moved closer to Taiwan.

Tencent Video and iQiyi both offer services that are similar to Netflix. They stream licensed content, and also produce original television shows and movies that have become popular with Mandarin-speaking audiences.

US President Donald Trump earlier this month threatened to ban Tencent's popular messaging app WeChat and TikTok, the wildly popular video sharing platform owned by China's ByteDance. Trump last week also ordered ByteDance to divest interest in TikTok's US operations within the next 90 days.

In addition, the Trump administration earlier this week restricted Huawei's access to advanced semiconductors. British officials last month cited the disruption to Huawei's supply chain as a key reason it banned the company from the United Kingdom's 5G network.

The Indian government in recent months has also banned TikTok and WeChat, as well as dozens of other popular Chinese apps.

Taiwan has banned iQiyi (IQ) and Tencent (TCEHY) from operating streaming video services on the island. According to a government notice published online Tuesday, Tencent Video and iQiyi have been "operating illegally" in Taiwan by partnering with local broadcasters and distributors to provide their video content through streaming services.

Taiwan has banned iQiyi (IQ) and Tencent (TCEHY) from operating streaming video services on the island. According to a government notice published online Tuesday, Tencent Video and iQiyi have been "operating illegally" in Taiwan by partnering with local broadcasters and distributors to provide their video content through streaming services. To this end, Taiwan's National Communications Commission announced new rules that would prohibit Taiwanese individuals and companies from providing services to mainland Chinese streaming operators and distributing their content. This decision is provisional pending a 14-day public comment period. The rules are set to take effect on September 3. The proposed ban is being seen as an evidence of the growing backlash against China's tech champions in global markets. Relations between Beijing and Taipei have been souring ever since the election of Taiwan President Tsai Ing-wen in 2016, who was perceived by the Chinese government as being in favour of the island's formal independence. Washington has also moved closer to Taiwan. Tencent Video and iQiyi both offer services that are similar to Netflix. They stream licensed content, and also produce original television shows and movies that have become popular with Mandarin-speaking audiences. US President Donald Trump earlier this month threatened to ban Tencent's popular messaging app WeChat and TikTok, the wildly popular video sharing platform owned by China's ByteDance. Trump last week also ordered ByteDance to divest interest in TikTok's US operations within the next 90 days. In addition, the Trump administration earlier this week restricted Huawei's access to advanced semiconductors. British officials last month cited the disruption to Huawei's supply chain as a key reason it banned the company from the United Kingdom's 5G network. The Indian government in recent months has also banned TikTok and WeChat, as well as dozens of other popular Chinese apps.

Taiwan bans Chinese streaming services Tencent and iQiyi

China's Tencent said on Wednesday it did not believe a US&nbsp;move to ban transactions on its international messaging to payments&nbsp;WeChat&nbsp;app would apply to its domestic Weixin platform, potentially limiting fallout from the move.

Tencent is the latest Chinese tech giant caught in the crosshairs of an escalated Sino-US&nbsp;cyber war after President Trump said last week the United States would ban&nbsp;WeChat-related transactions in the country.

In a call after reporting a 37% rise in second-quarter net profit, executives tried to soothe market sentiment and said the company was in the process of seeking further clarification from relevant parties.

Chief financial officer John Lo said Tencent's initial reading was that the US&nbsp;executive order was focused on&nbsp;WeChat&nbsp;in the United States and it did not believe its other businesses there would be affected.

The US&nbsp;accounts for less than 2 per cent&nbsp;of Tencent's total revenue, said James Mitchell, chief strategy officer, and likely less than 1% of total advertising revenue.

"If you look at the executive orders from May 2019 and then obviously the executive order a couple of days ago, they specify very clearly they cover US&nbsp;jurisdiction, and consequently we don't see any impact on companies advertising on our platform in China," he said.

Revenue from online games, which accounts for one-third of total sales, jumped 40% in the second quarter, primarily driven by smart phone games including Peacekeeper Elite and Honour of Kings, as the coronavirus put a dent in other entertainment options.

However, the company postponed a blockbuster release of "Dungeon and Fighter Mobile" game, planned for August&nbsp;12, citing upgrades needed to the game's addiction prevention system. It did not indicate a new release date.

Social networks, fintech and business services, and social advertising revenues all grew by nearly 30%.

Media advertising revenues fell by 25&nbsp;per cent&nbsp;however, amid a "challenging macro environment" and delayed content production and releases.

The world's largest gaming firm by revenue booked $4.8 billion&nbsp;profit for the three months through June, ahead of an average analysts' estimate of 27.56 billion yuan, according to data from Refinitiv.

Revenue rose 29&nbsp;per cent&nbsp;to 114.88 billion yuan, versus market expectations of 112.76 billion yuan.

China's Tencent said on Wednesday it did not believe a US move to ban transactions on its international messaging to payments WeChat app would apply to its domestic Weixin platform, potentially limiting fallout from the move.

China's Tencent said on Wednesday it did not believe a US move to ban transactions on its international messaging to payments WeChat app would apply to its domestic Weixin platform, potentially limiting fallout from the move. Tencent is the latest Chinese tech giant caught in the crosshairs of an escalated Sino-US cyber war after President Trump said last week the United States would ban WeChat-related transactions in the country. In a call after reporting a 37% rise in second-quarter net profit, executives tried to soothe market sentiment and said the company was in the process of seeking further clarification from relevant parties. Chief financial officer John Lo said Tencent's initial reading was that the US executive order was focused on WeChat in the United States and it did not believe its other businesses there would be affected. The US accounts for less than 2 per cent of Tencent's total revenue, said James Mitchell, chief strategy officer, and likely less than 1% of total advertising revenue. "If you look at the executive orders from May 2019 and then obviously the executive order a couple of days ago, they specify very clearly they cover US jurisdiction, and consequently we don't see any impact on companies advertising on our platform in China," he said. Revenue from online games, which accounts for one-third of total sales, jumped 40% in the second quarter, primarily driven by smart phone games including Peacekeeper Elite and Honour of Kings, as the coronavirus put a dent in other entertainment options. However, the company postponed a blockbuster release of "Dungeon and Fighter Mobile" game, planned for August 12, citing upgrades needed to the game's addiction prevention system. It did not indicate a new release date. Social networks, fintech and business services, and social advertising revenues all grew by nearly 30%. Media advertising revenues fell by 25 per cent however, amid a "challenging macro environment" and delayed content production and releases. The world's largest gaming firm by revenue booked $4.8 billion profit for the three months through June, ahead of an average analysts' estimate of 27.56 billion yuan, according to data from Refinitiv. Revenue rose 29 per cent to 114.88 billion yuan, versus market expectations of 112.76 billion yuan.

WeChat-owner tries to soothe concerns about Trump's proposed US ban

Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan ($5.64 billion) in revenue for the January-March quarter, said two people with knowledge of the matter.

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The figure represents growth of more than 130 per cent&nbsp;compared with the same period a year earlier, said one of the people, who declined to be identified as the matter is private.

ByteDance has set a 2020 revenue target of about 200 billion yuan, the other person said. The first person said ByteDance aims to reach revenue half that of rival Tencent Holdings Ltd.

Tencent, China's leading social media and gaming firm, reported revenue of nearly 377 billion yuan in 2019.

ByteDance declined to comment.

The growth shows the extent to which eight-year-old ByteDance is capturing digital advertising spend. The bulk of the company's revenue is mainly from advertising on its apps in China including news aggregator Jinri Toutiao as well as Douyin, its domestic version of TikTok, the people said, rather than from TikTok itself.

Before ByteDance emerged, China's ad market had been mainly dominated by e-commerce leader Alibaba Group Holding Ltd, search engine operator Baidu Inc and Tencent.

The market grew 1.9% in January-March from the same period a year earlier to be worth 121.2 billion yuan, showed data from iResearch.

ByteDance's apps enjoyed a huge boost in usage at the height of the COVID-19 pandemic as containment measures saw people practicing social distancing and staying at home. In January, six of the 10 most popular apps on China's iOS App Store were owned by ByteDance, according to app performance tracker App Annie.

ByteDance has recently been valued at $95 billion to $140 billion in the market for private secondary trading, two people told Reuters.

The firm is trying to grow and monetise TikTok and last month named Walt Disney Co's former top streaming executive, Kevin Mayer, as TikTok's new chief executive.

Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan ($5.64 billion) in revenue for the January-March quarter, said two people with knowledge of the matter.

Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan ($5.64 billion) in revenue for the January-March quarter, said two people with knowledge of the matter. Also read: Now, China halts salmon imports over possible link to Beijing outbreak The figure represents growth of more than 130 per cent compared with the same period a year earlier, said one of the people, who declined to be identified as the matter is private. ByteDance has set a 2020 revenue target of about 200 billion yuan, the other person said. The first person said ByteDance aims to reach revenue half that of rival Tencent Holdings Ltd. Tencent, China's leading social media and gaming firm, reported revenue of nearly 377 billion yuan in 2019. ByteDance declined to comment. The growth shows the extent to which eight-year-old ByteDance is capturing digital advertising spend. The bulk of the company's revenue is mainly from advertising on its apps in China including news aggregator Jinri Toutiao as well as Douyin, its domestic version of TikTok, the people said, rather than from TikTok itself. Before ByteDance emerged, China's ad market had been mainly dominated by e-commerce leader Alibaba Group Holding Ltd, search engine operator Baidu Inc and Tencent. The market grew 1.9% in January-March from the same period a year earlier to be worth 121.2 billion yuan, showed data from iResearch. ByteDance's apps enjoyed a huge boost in usage at the height of the COVID-19 pandemic as containment measures saw people practicing social distancing and staying at home. In January, six of the 10 most popular apps on China's iOS App Store were owned by ByteDance, according to app performance tracker App Annie. ByteDance has recently been valued at $95 billion to $140 billion in the market for private secondary trading, two people told Reuters. The firm is trying to grow and monetise TikTok and last month named Walt Disney Co's former top streaming executive, Kevin Mayer, as TikTok's new chief executive.

TikTok owner ByteDance first-quarter revenue soared to around $5.6 billion: Sources

The number of deaths due to China's coronavirus epidemic jumped to 722, surpassing the toll from the SARS outbreak on the mainland and Hong Kong almost two decades ago. More than 34,500 confirmed infections reported across the country.

Tencent denies showing real nCoV death toll, says media reports doctored

An alleged leak from Tencent claimed that more than 24,000 people have died from the Coronavirus. In an exclusive statement from WION - Tencent has dismissed these reports as 'false information'. WION's Palki Sharma brings you an update.

Gravitas: Exclusive, Tencent denies data 'leak'

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.

Burberry said it will open a so-called "social retail" store in Shenzhen in China's technology hub powered by Tencent technology in the first half of next year that will blend retail and social media to create digital and physical spaces aimed at attracting customers.

Few other details were given.

But with its popular Wechat Pay online payment platform and Weibo's vast social media clout in one of the world's largest luxury goods market, Tencent offers Burberry a one-stop shop for marketing and selling its products online and in stores. Tencent's Wechat is China's dominant chat app.

"Social media is becoming such an important part of the luxury customer journey, particularly in the inspiration phase, and retail needs to keep pace with this," Burberry Chief Executive Marco Gobbetti said in a statement.

"China was the obvious place to start as it is one of the leading hubs for innovation and technology and Chinese consumers are some of the highest users of social media."

Shenzhen is the neighbouring city to Hong Kong on China's mainland where sales are suffering as months of protests have forced retailers to close stores.

The move also comes as more well-off Chinese consumers are buying at home, deterred from overseas shopping trips due to the weaker yuan.

Burberry, known for its traditional tartan pattern, posted double-digit declines in Hong Kong sales in its latest earnings released on Thursday although the popularity of collections by designer Riccardo Tisci boosted overall sales.

Chinese retail giants like Alibaba and JD.com have also upped the ante in their battle for relevance in the lucrative luxury goods market with the launch of luxury sites in mid-2017 that boast labels such as Hugo Boss.

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market. Burberry said it will open a so-called "social retail" store in Shenzhen in China's technology hub powered by Tencent technology in the first half of next year that will blend retail and social media to create digital and physical spaces aimed at attracting customers. Few other details were given. But with its popular Wechat Pay online payment platform and Weibo's vast social media clout in one of the world's largest luxury goods market, Tencent offers Burberry a one-stop shop for marketing and selling its products online and in stores. Tencent's Wechat is China's dominant chat app. "Social media is becoming such an important part of the luxury customer journey, particularly in the inspiration phase, and retail needs to keep pace with this," Burberry Chief Executive Marco Gobbetti said in a statement. "China was the obvious place to start as it is one of the leading hubs for innovation and technology and Chinese consumers are some of the highest users of social media." Shenzhen is the neighbouring city to Hong Kong on China's mainland where sales are suffering as months of protests have forced retailers to close stores. The move also comes as more well-off Chinese consumers are buying at home, deterred from overseas shopping trips due to the weaker yuan. Burberry, known for its traditional tartan pattern, posted double-digit declines in Hong Kong sales in its latest earnings released on Thursday although the popularity of collections by designer Riccardo Tisci boosted overall sales. Chinese retail giants like Alibaba and JD.com have also upped the ante in their battle for relevance in the lucrative luxury goods market with the launch of luxury sites in mid-2017 that boast labels such as Hugo Boss.

Burberry aims to woo more customers in China with Tencent tie-up

Some Chinese National Basketball Association (NBA)&nbsp;fans&nbsp;have asked for&nbsp;streaming&nbsp;subscription&nbsp;refunds&nbsp;from&nbsp;exclusive service provider&nbsp;Tencent&nbsp;amid a deepening free speech row, a move that could cause the tech giant financial pain.

Tencent&nbsp;Holdings&nbsp;renewed its exclusive digital partnership with the&nbsp;NBA&nbsp;in July, securing rights to stream the US&nbsp;games in&nbsp;China, a market with an estimated 500 million&nbsp;fans.

But the Chinese social media giant behind the ubiquitous app WeChat may now become a corporate casualty of the deepening row sparked by Houston Rockets general manager Daryl Morey, who<a href="https://www.wionews.com/world/nba-rockets-executive-says-hong-kong-tweet-not-meant-to-offend-254149"> expressed support for Hong Kong protests in a tweet </a>over the weekend.

That prompted a furor in mainland&nbsp;China, and local sponsors of the games have pulled out.

Tencent&nbsp;halted broadcasting games involving the Rockets over the weekend and later said it would stop broadcasting the entire preseason after&nbsp;NBA&nbsp;commissioner Adam Silver voiced his support for Morey's "freedom of political expression" on Tuesday.

It said users subscribing to the Rockets games can switch to feeds&nbsp;from&nbsp;other&nbsp;NBA&nbsp;teams or apply for a&nbsp;refund.

Refunds have become a hot topic online with more than 3 million views on Twitter-like Weibo social media platform on Wednesday. Some users claimed they had received automatic&nbsp;refunds ranging&nbsp;from&nbsp;$2.80-$37, depending on what packages they subscribe to.

Tencent&nbsp;declined to comment on&nbsp;refunds.

The Houston Rockets became the most popular&nbsp;NBA&nbsp;team in&nbsp;China&nbsp;after drafting Chinese player Yao Ming with the first overall pick in the 2002 draft. He became a star and helped build the&nbsp;NBA's following in&nbsp;China.

Tencent&nbsp;extended its&nbsp;NBA&nbsp;partnership through 2024-25 season in July, according to an&nbsp;NBA&nbsp;statement. The value of the deal was not disclosed, but the Chinese sports news portal Lanxiong Sports reported it was worth about $1.5 billion.

Nearly 500 million people watched last season's&nbsp;NBA&nbsp;games on&nbsp;Tencent's video platform, up threefold since the 2014-15 season,&nbsp;Tencent&nbsp;said in July.

Tencent&nbsp;isn't the only company distancing itself&nbsp;from&nbsp;business dealings with the&nbsp;NBA. Chinese Smartphone maker Vivo, state-run broadcaster CCTV and sportswear maker ANTA Sports Products Ltd all halted cooperation with the&nbsp;NBA&nbsp;on Monday.

Some Chinese National Basketball Association (NBA) fans have asked for streaming subscription refunds from exclusive service provider Tencent amid a deepening free speech row, a move that could cause the tech giant financial pain.

Some Chinese National Basketball Association (NBA) fans have asked for streaming subscription refunds from exclusive service provider Tencent amid a deepening free speech row, a move that could cause the tech giant financial pain. Tencent Holdings renewed its exclusive digital partnership with the NBA in July, securing rights to stream the US games in China, a market with an estimated 500 million fans. But the Chinese social media giant behind the ubiquitous app WeChat may now become a corporate casualty of the deepening row sparked by Houston Rockets general manager Daryl Morey, who expressed support for Hong Kong protests in a tweet over the weekend. That prompted a furor in mainland China, and local sponsors of the games have pulled out. Tencent halted broadcasting games involving the Rockets over the weekend and later said it would stop broadcasting the entire preseason after NBA commissioner Adam Silver voiced his support for Morey's "freedom of political expression" on Tuesday. It said users subscribing to the Rockets games can switch to feeds from other NBA teams or apply for a refund. Refunds have become a hot topic online with more than 3 million views on Twitter-like Weibo social media platform on Wednesday. Some users claimed they had received automatic refunds ranging from $2.80-$37, depending on what packages they subscribe to. Tencent declined to comment on refunds. The Houston Rockets became the most popular NBA team in China after drafting Chinese player Yao Ming with the first overall pick in the 2002 draft. He became a star and helped build the NBA's following in China. Tencent extended its NBA partnership through 2024-25 season in July, according to an NBA statement. The value of the deal was not disclosed, but the Chinese sports news portal Lanxiong Sports reported it was worth about $1.5 billion. Nearly 500 million people watched last season's NBA games on Tencent's video platform, up threefold since the 2014-15 season, Tencent said in July. Tencent isn't the only company distancing itself from business dealings with the NBA. Chinese Smartphone maker Vivo, state-run broadcaster CCTV and sportswear maker ANTA Sports Products Ltd all halted cooperation with the NBA on Monday.

NBA fans in China seek refund from Tencent as streaming suspended

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music.

The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies.

Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers.

Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya.

"Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng.

Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter.

NetEase does not break down sales from Kaola.

Playing defence

The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home.

Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows.

The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo.

In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service.

It also launched Taobao Xinxuan, a line of private-label, house-brand goods.

"Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr.

The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival,&nbsp;Tencent Holdings.

Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric.

It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers. Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music. The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies. Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers. Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya. "Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng. Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter. NetEase does not break down sales from Kaola. Playing defence The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home. Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows. The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo. In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service. It also launched Taobao Xinxuan, a line of private-label, house-brand goods. "Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr. The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival, Tencent Holdings. Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric. It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba dials up luxury push with $2 billion buys of Netease e-commerce arm

China's Tencent Holdings Ltd is in talks to buy up to 20% of Universal Music Group (UMG) from Vivendi SA, valuing the music label of Lady Gaga, Ariana Grande and the Beatles at around 30 billion euros ($34 billion), as both firms look to expand in a recovering global music market.

While at a preliminary stage, the discussions highlight Tencent's role as gatekeeper to China's growing but tightly controlled music market and its interest in global expansion. It also highlights Universal's ambition in new markets and embrace of online streaming.

Global music-streaming retail sales are expected to more than double to $45.3 billion by 2026 from $19.6 billion in 2018, UK-based media analysis firm Midea predicts.

French media group Vivendi, controlled by billionaire Vincent Bollore, said on Tuesday that Tencent would first buy 10% of Universal, the world's biggest music label ahead of Sony Music Entertainment and Warner Music and home to artists also including Taylor Swift, Drake and Kendrick Lamar.

Tencent, which already holds stakes in the world's most popular music streaming service, Sweden's Spotify, India's Gaana, Tencent Music Entertainment Group, and owns Asian streaming app Joox, would also have an option to buy a further 10% of Universal.

Vivendi shares closed 4% higher at 24.93 euros as analysts welcomed progress on the sale of a stake in Universal.

"The valuation looks good, and the progress made on the UMG deal is also positive," said Gregory Moore, fund manager at Keren Finance, which owns Vivendi shares. Both groups are also "considering areas of strategic commercial cooperation," Vivendi said, raising questions among analysts over the scope of the talks.

Universal rivals Sony Music and Warner Music also have investments in Tencent Music Entertainment Group.

Jerry Dellis, an analyst at Jefferies, also said in a note to clients that U.S. political opposition to Chinese investment in what could be considered a strategic asset could obstruct a deal.

CHINA PAYWALL

A deal with Tencent could boost Universal's presence and build on a partnership struck two years ago, under which Tencent can license Universal's music for distribution over its streaming platforms.

Tencent's music unit also owns exclusive rights to sub-license Universal's content to other content providers in China. They worked together to build Abbey Road Studios, China, a recording studio named after the Beatles' studio in London.

Tencent appears to be responding in part to slowing growth at home, wrote MIDiA analyst Mark Mulligan, who added that a deal would give Tencent investments in both music distribution and music rights holding, "backing both horses" in the music industry's financial race.

Tencent also faces stiff competition from China's privately held ByteDance, whose popular social media, video sharing and music sites include Toutiao and TikTok.

Universal still generates the bulk of its revenue out of the North America and Europe, which together represented more than three-quarters of the division's recorded music sales in the first half, while Asia produced only 14%.

Recorded music revenue, however, grew twice as fast in Asia at 35% as in Europe at 15% over the period and TME boasted 654 million monthly active users on its platforms at the end of the first quarter.

Spotify's monthly active users, which include its ad-supported free version, amounted to 232 million at the end of June.

After a cash-burning competition among companies to snap up music rights, China's content regulator last year demanded music streaming sites share 99% of their rights reserve with each other.

Unlike Western players such as Sweden's Spotify, Tencent Music generates only a fraction of revenue from music subscription packages and instead relies heavily on services popular in China such as online karaoke and live streaming.

Universal and Tencent both hold shares in Spotify, the world's biggest music streaming platform which has a market capitalisation of about $27 billion, while the Swedish firm is a stakeholder in Tencent Music.

Tencent said at the time of its last earnings that it was adding more music behind a paywall, including popular Taiwanese singer Jay Chou, to raise revenue. But it said it might take time before Chinese users adapt to this relatively new approach.

STAKE SALE

Tencent shares closed 1% lower in Hong Kong and the company declined to comment.

Vivendi Chief Executive Arnaud de Puyfontaine said last month that proceeds of the sale of up to 50% of Universal would be used for bolt-on acquisitions and share buybacks.

The group first said it would sell part of Universal a year ago but had made little progress until announcing last month that it had selected investment banks to start a formal sale, which should be finalised by the start of 2020.

Vivendi also said it was continuing the process to sell further minority stakes in Universal to other partners.

Financial firms are being sounded on top of potential industrial partners, a source close to the matter said.

China's Tencent Holdings Ltd is in talks to buy up to 20% of Universal Music Group (UMG) from Vivendi SA, valuing the music label of Lady Gaga, Ariana Grande and the Beatles at around 30 billion euros ($34 billion), as both firms look to expand in a recovering global music market.

China's Tencent Holdings Ltd is in talks to buy up to 20% of Universal Music Group (UMG) from Vivendi SA, valuing the music label of Lady Gaga, Ariana Grande and the Beatles at around 30 billion euros ($34 billion), as both firms look to expand in a recovering global music market. While at a preliminary stage, the discussions highlight Tencent's role as gatekeeper to China's growing but tightly controlled music market and its interest in global expansion. It also highlights Universal's ambition in new markets and embrace of online streaming. Global music-streaming retail sales are expected to more than double to $45.3 billion by 2026 from $19.6 billion in 2018, UK-based media analysis firm Midea predicts. French media group Vivendi, controlled by billionaire Vincent Bollore, said on Tuesday that Tencent would first buy 10% of Universal, the world's biggest music label ahead of Sony Music Entertainment and Warner Music and home to artists also including Taylor Swift, Drake and Kendrick Lamar. Tencent, which already holds stakes in the world's most popular music streaming service, Sweden's Spotify, India's Gaana, Tencent Music Entertainment Group, and owns Asian streaming app Joox, would also have an option to buy a further 10% of Universal. Vivendi shares closed 4% higher at 24.93 euros as analysts welcomed progress on the sale of a stake in Universal. "The valuation looks good, and the progress made on the UMG deal is also positive," said Gregory Moore, fund manager at Keren Finance, which owns Vivendi shares. Both groups are also "considering areas of strategic commercial cooperation," Vivendi said, raising questions among analysts over the scope of the talks. Universal rivals Sony Music and Warner Music also have investments in Tencent Music Entertainment Group. Jerry Dellis, an analyst at Jefferies, also said in a note to clients that U.S. political opposition to Chinese investment in what could be considered a strategic asset could obstruct a deal. CHINA PAYWALL A deal with Tencent could boost Universal's presence and build on a partnership struck two years ago, under which Tencent can license Universal's music for distribution over its streaming platforms. Tencent's music unit also owns exclusive rights to sub-license Universal's content to other content providers in China. They worked together to build Abbey Road Studios, China, a recording studio named after the Beatles' studio in London. Tencent appears to be responding in part to slowing growth at home, wrote MIDiA analyst Mark Mulligan, who added that a deal would give Tencent investments in both music distribution and music rights holding, "backing both horses" in the music industry's financial race. Tencent also faces stiff competition from China's privately held ByteDance, whose popular social media, video sharing and music sites include Toutiao and TikTok. Universal still generates the bulk of its revenue out of the North America and Europe, which together represented more than three-quarters of the division's recorded music sales in the first half, while Asia produced only 14%. Recorded music revenue, however, grew twice as fast in Asia at 35% as in Europe at 15% over the period and TME boasted 654 million monthly active users on its platforms at the end of the first quarter. Spotify's monthly active users, which include its ad-supported free version, amounted to 232 million at the end of June. After a cash-burning competition among companies to snap up music rights, China's content regulator last year demanded music streaming sites share 99% of their rights reserve with each other. Unlike Western players such as Sweden's Spotify, Tencent Music generates only a fraction of revenue from music subscription packages and instead relies heavily on services popular in China such as online karaoke and live streaming. Universal and Tencent both hold shares in Spotify, the world's biggest music streaming platform which has a market capitalisation of about $27 billion, while the Swedish firm is a stakeholder in Tencent Music. Tencent said at the time of its last earnings that it was adding more music behind a paywall, including popular Taiwanese singer Jay Chou, to raise revenue. But it said it might take time before Chinese users adapt to this relatively new approach. STAKE SALE Tencent shares closed 1% lower in Hong Kong and the company declined to comment. Vivendi Chief Executive Arnaud de Puyfontaine said last month that proceeds of the sale of up to 50% of Universal would be used for bolt-on acquisitions and share buybacks. The group first said it would sell part of Universal a year ago but had made little progress until announcing last month that it had selected investment banks to start a formal sale, which should be finalised by the start of 2020. Vivendi also said it was continuing the process to sell further minority stakes in Universal to other partners. Financial firms are being sounded on top of potential industrial partners, a source close to the matter said.

China's Tencent talking to Vivendi about stake in Lady Gaga's label

South Korean automaker Hyundai Motor Co and Chinese technology firm Tencent Holdings have signed a preliminary deal to develop software for driverless vehicles, South Korea's Maeil Business Newspaper reported on Saturday.

Both companies plan to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030, the report, which cited unnamed industry sources, said.

The agreement was signed on the sidelines of a business forum held in Seoul on Thursday by the South Korean government and China's Guangdong province, it said.

Hyundai and Tencent did not offer any immediate comments on the report.

The two companies are also exploring ways to utilise Tencent's popular WeChat messaging app in developing China-targeted car models, the newspaper said.

Hyundai, the world's 5th largest automaker together with affiliate Kia Motors, has been fostering partnerships with self-driving tech and social media firms as it aims to introduce highly automated vehicles by 2020 and fully autonomous vehicles by 2030.

Hyundai Mobis, another affiliate of the carmaker, clinched an agreement last month with Russia's largest internet search engine Yandex to jointly develop control systems for driverless vehicles.

Shenzhen-based and Hong Kong-listed Tencent has also ventured into self-driving tech and had advertised to recruit engineers in Silicon Valley last year.

South Korean automaker Hyundai Motor Co and Chinese technology firm Tencent Holdings have signed a preliminary deal to develop software for driverless vehicles, South Korea's Maeil Business Newspaper reported on Saturday.

South Korean automaker Hyundai Motor Co and Chinese technology firm Tencent Holdings have signed a preliminary deal to develop software for driverless vehicles, South Korea's Maeil Business Newspaper reported on Saturday. Both companies plan to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030, the report, which cited unnamed industry sources, said. The agreement was signed on the sidelines of a business forum held in Seoul on Thursday by the South Korean government and China's Guangdong province, it said. Hyundai and Tencent did not offer any immediate comments on the report. The two companies are also exploring ways to utilise Tencent's popular WeChat messaging app in developing China-targeted car models, the newspaper said. Hyundai, the world's 5th largest automaker together with affiliate Kia Motors, has been fostering partnerships with self-driving tech and social media firms as it aims to introduce highly automated vehicles by 2020 and fully autonomous vehicles by 2030. Hyundai Mobis, another affiliate of the carmaker, clinched an agreement last month with Russia's largest internet search engine Yandex to jointly develop control systems for driverless vehicles. Shenzhen-based and Hong Kong-listed Tencent has also ventured into self-driving tech and had advertised to recruit engineers in Silicon Valley last year.

Hyundai, Tencent to develop software for driverless cars: Report

Walmart chief executive <a href="http://www.wionews.com/videos/indias-biggest-fdi-deal-is-the-walmart-flipkart-deal-134797">Doug McMillon is expected to </a>announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country.

Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company.

The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

Walmart chief executive Doug McMillon is expected to announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country. Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country. Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company. The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Walmart may announce Flipkart deal today

WeChat`s worldwide accounts have crossed the one billion mark, according to the Chief Executive Officer of its parent company Tencent.

The all-in-one app is a daily necessity for most Chinese, bringing together messaging, social media, mobile payment, games, news, and other services.

&quot;WeChat`s worldwide monthly active users have surpassed the critical one billion mark,&quot; CEO Pony Ma said Monday on the sidelines of China`s parliamentary session underway in Beijing.&nbsp;

&quot;In the future, we hope to use technological innovation to push forward the next developmental step of reform and opening,&quot; Ma said.

He was referring to China`s economic liberalization policy that has fuelled four decades of breakneck economic growth.&nbsp;

Although Ma said WeChat`s monthly active users had crossed the one billion thresholds, a company spokesman told&nbsp;he was referring to its total number of accounts.&nbsp;

Still, the one billion figure indicates the huge user base which Tencent has built up both inside and outside China for its all-in-one app.

It compares with 2.1 billion monthly active users on Facebook and 1.5 billion on its messaging app WhatsApp.&nbsp;

The popularity of WeChat and profits from its addictive mobile games have pushed Tencent`s earnings and share price sharply upwards.&nbsp;

The company surpassed Facebook in market value last year and the 47-year-old Ma has rocketed to near the apex of China`s rich list.&nbsp;

He is the wealthiest delegate to the parliamentary session, according to Shanghai-based luxury magazine publisher Hurun Report, which estimated his fortune at $47 billion.

WeChat`s worldwide accounts have crossed the one billion mark, according to the chief executive officer of its parent company Tencent. The all-in-one app is a daily necessity for most Chinese, bringing together messaging, social media, mobile payment, games, news, and other services.

WeChat`s worldwide accounts have crossed the one billion mark, according to the Chief Executive Officer of its parent company Tencent. The all-in-one app is a daily necessity for most Chinese, bringing together messaging, social media, mobile payment, games, news, and other services. "WeChat`s worldwide monthly active users have surpassed the critical one billion mark," CEO Pony Ma said Monday on the sidelines of China`s parliamentary session underway in Beijing. "In the future, we hope to use technological innovation to push forward the next developmental step of reform and opening," Ma said. He was referring to China`s economic liberalization policy that has fuelled four decades of breakneck economic growth. Although Ma said WeChat`s monthly active users had crossed the one billion thresholds, a company spokesman told he was referring to its total number of accounts. Still, the one billion figure indicates the huge user base which Tencent has built up both inside and outside China for its all-in-one app. It compares with 2.1 billion monthly active users on Facebook and 1.5 billion on its messaging app WhatsApp. The popularity of WeChat and profits from its addictive mobile games have pushed Tencent`s earnings and share price sharply upwards. The company surpassed Facebook in market value last year and the 47-year-old Ma has rocketed to near the apex of China`s rich list. He is the wealthiest delegate to the parliamentary session, according to Shanghai-based luxury magazine publisher Hurun Report, which estimated his fortune at $47 billion.

WeChat accounts cross one billion mark: CEO

Chinese social media and video game giant Tencent became more valuable than Facebook on Tuesday as investors sent the company soaring into the top five of the world&#39;s biggest firms.

Tencent&#39;s Hong Kong-listed shares have doubled in value this year, and on Monday it became the first Asian company with a market capitalisation of half a trillion dollars.

By the end of the trading day on Tuesday, Tencent&#39;s outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook&#39;s $519 billion.

Despite its stratospheric climb, Tencent is still some way behind the world&#39;s most valuable company, Apple, which is currently valued at $873 billion.

Last week, Tencent said profit had grown nearly 70 percent in the third quarter, when compared with the same period last year, well outpacing expectations. Its accelerating growth has sent its shares shooting higher in recent days.

Critics say many of China&#39;s tech companies copy the latest idea seen in the US. That has not been the case for Tencent, which has transformed its WeChat smartphone app into a product wholly unlike other social networking applications seen around the world.&nbsp;

&quot;Tencent is an enterprise that focuses on innovation,&quot; said Huang Hao, an associate researcher at the National Academy of Economic Strategy of Chinese Academy of Social Sciences. &quot;Its product ideas are not simple emulations of those of foreign businesses.&quot;

But it also has a distinct advantage over some of its western peers: Facebook and Twitter are blocked in China, cutting off a market of up to 1.3 billion people.

Cashless society&nbsp;

The nearly one billion users who flock to Tencent&#39;s WeChat app, and older platform QQ, can chat, post photos, play games, transfer money and pay for a variety of services in China. They exchange 38 billion messages each day.

WeChat has revolutionised China&#39;s tech industry and even daily life for millions of Chinese.&nbsp;

WeChat&#39;s QR codes, which look a lot like a bar code, are ubiquitous in China&#39;s shops and restaurants, and even fruit hawkers and some beggars carry around the scannable codes, allowing them to accept mobile payment.

The Wepay service, along with its competitor made by Alibaba, has helped China jump from a cash-based society to one at the global forefront of mobile payments.

Even the media and publishing sectors have seen changes to how Chinese consume and pay for content, with millions of WeChat accounts publishing content directly to their followers.

That has rubbed up against Chinese censors, who shut down dozens of accounts publishing the latest tidbits of celebrity gossip over the summer.&nbsp;

Another key to Tencent&#39;s success has been its top game, the multi-player online battle &quot;Honour of Kings&quot;, which has been a smash hit that helped Tencent&#39;s revenue from smartphone games surge by 84 percent in the third quarter.

Tencent&#39;s disruption of industries traditionally dominated by the state has also angered a number of behemoths - from the publishing to telecommunications to banking sectors.

These powerful enemies could pose a problem for the tech giant in the future, analysts say.&nbsp;&nbsp;

&quot;Most of its profits are obtained by foreign investors,&quot; said Huang of the government research institute.&nbsp;

&quot;The government should face up to this issue and consider the ways to promote the development of entirely national enterprises in the future,&quot; he said.

By the end of the trading day on Tuesday, Tencent's outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook's $519 billion

Chinese social media and video game giant Tencent became more valuable than Facebook on Tuesday as investors sent the company soaring into the top five of the world's biggest firms. Tencent's Hong Kong-listed shares have doubled in value this year, and on Monday it became the first Asian company with a market capitalisation of half a trillion dollars. By the end of the trading day on Tuesday, Tencent's outstanding shares were worth a combined 4.08 trillion Hong Kong dollars ($523 billion), surpassing Facebook's $519 billion. Despite its stratospheric climb, Tencent is still some way behind the world's most valuable company, Apple, which is currently valued at $873 billion. Last week, Tencent said profit had grown nearly 70 percent in the third quarter, when compared with the same period last year, well outpacing expectations. Its accelerating growth has sent its shares shooting higher in recent days. Critics say many of China's tech companies copy the latest idea seen in the US. That has not been the case for Tencent, which has transformed its WeChat smartphone app into a product wholly unlike other social networking applications seen around the world. "Tencent is an enterprise that focuses on innovation," said Huang Hao, an associate researcher at the National Academy of Economic Strategy of Chinese Academy of Social Sciences. "Its product ideas are not simple emulations of those of foreign businesses." But it also has a distinct advantage over some of its western peers: Facebook and Twitter are blocked in China, cutting off a market of up to 1.3 billion people. Cashless society The nearly one billion users who flock to Tencent's WeChat app, and older platform QQ, can chat, post photos, play games, transfer money and pay for a variety of services in China. They exchange 38 billion messages each day. WeChat has revolutionised China's tech industry and even daily life for millions of Chinese. WeChat's QR codes, which look a lot like a bar code, are ubiquitous in China's shops and restaurants, and even fruit hawkers and some beggars carry around the scannable codes, allowing them to accept mobile payment. The Wepay service, along with its competitor made by Alibaba, has helped China jump from a cash-based society to one at the global forefront of mobile payments. Even the media and publishing sectors have seen changes to how Chinese consume and pay for content, with millions of WeChat accounts publishing content directly to their followers. That has rubbed up against Chinese censors, who shut down dozens of accounts publishing the latest tidbits of celebrity gossip over the summer. Another key to Tencent's success has been its top game, the multi-player online battle "Honour of Kings", which has been a smash hit that helped Tencent's revenue from smartphone games surge by 84 percent in the third quarter. Tencent's disruption of industries traditionally dominated by the state has also angered a number of behemoths - from the publishing to telecommunications to banking sectors. These powerful enemies could pose a problem for the tech giant in the future, analysts say. "Most of its profits are obtained by foreign investors," said Huang of the government research institute. "The government should face up to this issue and consider the ways to promote the development of entirely national enterprises in the future," he said.

China social media giant Tencent becomes more valuable than Facebook

China&rsquo;s Internet market is growing at a phenomenal rate with more than 731 million users at present. The market is so enormous that there are around 200 different app stores in the country at present. Gaining abundant success in the domestic market, China&rsquo;s tech giants simultaneously pushed their boundaries, creating waves in rest of the world, despite stiff competition.

China is the second largest economy in the world - worth of $11 trillion as per World Bank&rsquo;s 2017 figures with the US bagging the first rank $18 trillion. Despite this, China&#39;s market has often been characterised by skeptics as an act of mere &quot;replication&quot; of products made elsewhere in the world. But having said that, it is undeniable that Chinese Internet giants are vying with early starters of the western world.

In the year 2011, China blocked Google Play, since its authority wanted Google to store Chinese users&#39; data on China&#39;s servers. In addition, the authority needed Google to filter its search results, which Google refused. Instead of being dispirited, country&rsquo;s tech giants came up with its own alternative for the search engine. Soon, the market was taken over by Baidu, a popular Chinese search engine that became China&rsquo;s Google. Today, Baidu happens to be the sixth largest Internet company in the world.

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<h5>According to Mary Meeker&rsquo;s attest Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India.</h5>
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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=According to Mary Meeker?s attest Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India." target="_blank">&nbsp;</a></div>
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According to Mary Meeker&rsquo;s Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India, ranking at the sixth position with WhatsApp at the first, followed by Facebook Messenger. This Chinese search engine reached the Indian Internet market in 2008. During those years, only two search engines were operational--UC Browser and Opera Mini. Therefore, it was easier back then to develop credibility and win the trust of people. It was a preferred over Opera mini in smartphones and desktops.

&quot;UC Inside, World in Hand&quot;, the browser&#39;s slogan said it all. Over the years, UC Browser&rsquo;s Indian market share has risen to 41.76 per cent, beating Google Chrome which is at 38.99 per cent, according to the reports of StatCounter. Late last year&#39;s data shows that more than 100 million active users access UC browser on their mobile phones.

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<h5>The consistent rise in Indian internet users&rsquo; graph estimates around 465 million users in 2017, as per the report of Internet and Mobile Association of India.</h5>
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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The consistent rise in Indian internet users? graph estimates around 465 million users in 2017, as per the report of Internet and Mobile Association of India." target="_blank">&nbsp;</a></div>
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Since India&#39;s Internet sector is burgeoning at a rapid pace with rising number of social media websites, growing Internet penetration, and increasing sophistication and diversification of small businesses, it is predicted that its Internet market will grow by 2.5 times by 2020. Other international tech giants, such as Amazon and Uber are inspired enough to invest billion dollars into the country. Besides, as per the report of Internet and Mobile Association of India, there are around 465 million Internet users in 2017.

China&rsquo;s Internet sector giants were left with two choices&mdash;either to target West or East. Their decision to capture eastern countries like India with potential users turned out to be sensible. A Chinese beautifying app, &ldquo;Beauty Plus&rdquo;, is a rage in India because of the selfie-obsessed youth. The parent company - Meitu, that developed the app, did a thorough research before stepping into the Indian market. Since a majority of Indian girls seek fair and blemish free looks, this app introduced makeup filters for flawless-looking skin. Earlier, as the country was struggling with slow Internet speed, the company launched a lighter version of the app called &ldquo;Beauty Plus Me&rdquo;. One of the believed approaches of these Chinese firms is that they are not easily swayed by what is cool and in trend; instead, they go for what is the requirement of the target market.

Mobo Market app, which is China&rsquo;s version of Google Play Store, is proved to be more advanced and diversified than the latter one itself. The company is promoting its applications in full swing in India and adding features specific to the country--it now has Beta support for multiple Indian languages including Bengali, Urdu, Marathi, and Tamil. On the other hand, China&#39;s &ldquo;ShareIt&rdquo;, the fastest file transfer tool - 200 times the Bluetooth speed&mdash;bagged the third position in the Top 10-most downloaded apps on Google Play in 2017. Furthermore, recently China&#39;s Wechat, an instant messaging app by Tencent, has invested in India&rsquo;s WhatsApp rival Hike messenger.

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<h5>China&rsquo;s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals.</h5>
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<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=China?s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals." target="_blank">&nbsp;</a></div>
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China&rsquo;s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals. Jack Ma, the founder of Alibaba group, who is officially the richest man in China did not use the magic mantra of &ldquo;Open Sesame&rdquo; which worked for the original Alibaba of the Arabian Nights - opening the mouth of the cave in which forty thieves have hidden a treasure. Instead, it was Ma&rsquo;s struggle and determination that helped Alibaba to scale such heights. Currently, Alibaba group has handsomely invested in some of India&rsquo;s major e-commerce businesses, most famous among these being Paytm. Besides, Baidu is also expected to invest in Indian e-commerce startups including, Zomato, BookMyShow, and Bigbasket.

China&#39;s tech titans, Baidu (search), Alibaba(e-commerce) and Tencent (instant messaging and gaming)-(BAT), called as the &quot;Kings of Chinese Internet industries&quot; although being distinct from each other, but are doing core businesses in the country. It is, therefore, definitely a major breakthrough for India as well. Furthermore, let&rsquo;s see if this companionship works in strengthening India-China relations when there is already a peril going on in between both the countries over Doklam border standoff.

China's decision to capture eastern countries like India which has 465 million Internet users has turned out to be the best decision for Chinese tech companies.

China’s Internet market is growing at a phenomenal rate with more than 731 million users at present. The market is so enormous that there are around 200 different app stores in the country at present. Gaining abundant success in the domestic market, China’s tech giants simultaneously pushed their boundaries, creating waves in rest of the world, despite stiff competition. China is the second largest economy in the world - worth of $11 trillion as per World Bank’s 2017 figures with the US bagging the first rank $18 trillion. Despite this, China's market has often been characterised by skeptics as an act of mere "replication" of products made elsewhere in the world. But having said that, it is undeniable that Chinese Internet giants are vying with early starters of the western world. In the year 2011, China blocked Google Play, since its authority wanted Google to store Chinese users' data on China's servers. In addition, the authority needed Google to filter its search results, which Google refused. Instead of being dispirited, country’s tech giants came up with its own alternative for the search engine. Soon, the market was taken over by Baidu, a popular Chinese search engine that became China’s Google. Today, Baidu happens to be the sixth largest Internet company in the world. According to Mary Meeker’s attest Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India. × According to Mary Meeker’s Internet Trends report, another Chinese production, the UC browser made it to the list of the top ten-most downloaded apps in India, ranking at the sixth position with WhatsApp at the first, followed by Facebook Messenger. This Chinese search engine reached the Indian Internet market in 2008. During those years, only two search engines were operational--UC Browser and Opera Mini. Therefore, it was easier back then to develop credibility and win the trust of people. It was a preferred over Opera mini in smartphones and desktops. "UC Inside, World in Hand", the browser's slogan said it all. Over the years, UC Browser’s Indian market share has risen to 41.76 per cent, beating Google Chrome which is at 38.99 per cent, according to the reports of StatCounter. Late last year's data shows that more than 100 million active users access UC browser on their mobile phones. The consistent rise in Indian internet users’ graph estimates around 465 million users in 2017, as per the report of Internet and Mobile Association of India. × Since India's Internet sector is burgeoning at a rapid pace with rising number of social media websites, growing Internet penetration, and increasing sophistication and diversification of small businesses, it is predicted that its Internet market will grow by 2.5 times by 2020. Other international tech giants, such as Amazon and Uber are inspired enough to invest billion dollars into the country. Besides, as per the report of Internet and Mobile Association of India, there are around 465 million Internet users in 2017. China’s Internet sector giants were left with two choices—either to target West or East. Their decision to capture eastern countries like India with potential users turned out to be sensible. A Chinese beautifying app, “Beauty Plus”, is a rage in India because of the selfie-obsessed youth. The parent company - Meitu, that developed the app, did a thorough research before stepping into the Indian market. Since a majority of Indian girls seek fair and blemish free looks, this app introduced makeup filters for flawless-looking skin. Earlier, as the country was struggling with slow Internet speed, the company launched a lighter version of the app called “Beauty Plus Me”. One of the believed approaches of these Chinese firms is that they are not easily swayed by what is cool and in trend; instead, they go for what is the requirement of the target market. Mobo Market app, which is China’s version of Google Play Store, is proved to be more advanced and diversified than the latter one itself. The company is promoting its applications in full swing in India and adding features specific to the country--it now has Beta support for multiple Indian languages including Bengali, Urdu, Marathi, and Tamil. On the other hand, China's “ShareIt”, the fastest file transfer tool - 200 times the Bluetooth speed—bagged the third position in the Top 10-most downloaded apps on Google Play in 2017. Furthermore, recently China's Wechat, an instant messaging app by Tencent, has invested in India’s WhatsApp rival Hike messenger. China’s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals. × China’s e-commerce giant, Alibaba Company turned around the picture of its domestic, small and middle scale businesses and of the firms around the world via web portals. Jack Ma, the founder of Alibaba group, who is officially the richest man in China did not use the magic mantra of “Open Sesame” which worked for the original Alibaba of the Arabian Nights - opening the mouth of the cave in which forty thieves have hidden a treasure. Instead, it was Ma’s struggle and determination that helped Alibaba to scale such heights. Currently, Alibaba group has handsomely invested in some of India’s major e-commerce businesses, most famous among these being Paytm. Besides, Baidu is also expected to invest in Indian e-commerce startups including, Zomato, BookMyShow, and Bigbasket. China's tech titans, Baidu (search), Alibaba(e-commerce) and Tencent (instant messaging and gaming)-(BAT), called as the "Kings of Chinese Internet industries" although being distinct from each other, but are doing core businesses in the country. It is, therefore, definitely a major breakthrough for India as well. Furthermore, let’s see if this companionship works in strengthening India-China relations when there is already a peril going on in between both the countries over Doklam border standoff.

China?s Internet giants are taking over the Indian market

India&#39;s top e-commerce firm Flipkart has raised $1.4 billion from Tencent Holdings, Microsoft and eBay, the company said in a statement on Monday. Flipkart will have a valuation of $11.6 billion after the latest funding round, which was its biggest ever, the statement added.

The latest funding round from the three global technology giants, at a post-transaction valuation of $11.6 billion, adds to an existing group of investors that include Tiger Global Management, Naspers Group, Accel Partners and DST Global.

&quot;We have chosen these partners based on their long histories of pioneering industries, and the unique expertise and insights each of them bring to Flipkart. This deal reaffirms our resolve to hasten the transformation of commerce in India through technology,&rdquo; said Flipkart.

<blockquote class="twitter-tweet" data-lang="en">
Proud to announce the largest investment in <a href="https://twitter.com/Flipkart">@Flipkart</a> history ! <a href="https://t.co/ktwy39H3WW">https://t.co/ktwy39H3WW</a> <a href="https://twitter.com/TencentCorp">@TencentCorp</a> <a href="https://twitter.com/eBay">@eBay</a> <a href="https://twitter.com/Microsoft">@Microsoft</a> <a href="https://twitter.com/hashtag/FlipkartBigWin?src=hash">#FlipkartBigWin</a>
&mdash; binnybansal (@binnybansal) <a href="https://twitter.com/binnybansal/status/851364335268057088">April 10, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

The news comes amid strong but unconfirmed speculation that Flipkart is looking at a potential takeover of smaller rival Snapdeal.

As part of the fundraising, eBay invested $500 million in Flipkart for a stake. In exchange, the two companies will merge their operations in India and Flipkart will own and operate eBay&#39;s business in the South Asian country when the deal closes later this year.

&quot;The investment by eBay is accompanied by a strategic commercial agreement with Flipkart. In exchange for an equity stake in Flipkart, eBay is making a cash investment in and selling its eBay.in business to Flipkart. eBay.in will continue to operate as an independent entity as a part of Flipkart,&quot; stated Flipkart.

<blockquote class="twitter-tweet" data-lang="en">
Welcome <a href="https://twitter.com/ebayindia">@ebayindia</a> to the <a href="https://twitter.com/Flipkart">@Flipkart</a> family! More power to e-comm in India! <a href="https://t.co/ktwy39H3WW">https://t.co/ktwy39H3WW</a> <a href="https://twitter.com/eBay">@eBay</a> <a href="https://twitter.com/hashtag/FlipkartBigWin?src=hash">#FlipkartBigWin</a>
&mdash; binnybansal (@binnybansal) <a href="https://twitter.com/binnybansal/status/851364440805187585">April 10, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

EBay said in a separate statement it did not expect the deal to have any &quot;material impact&quot; on its guidance provided in January.

(WION with inputs from Reuters)

The news comes amid strong but unconfirmed speculation that Flipkart is looking at a potential takeover of smaller rival Snapdeal

India's top e-commerce firm Flipkart has raised $1.4 billion from Tencent Holdings, Microsoft and eBay, the company said in a statement on Monday. Flipkart will have a valuation of $11.6 billion after the latest funding round, which was its biggest ever, the statement added. The latest funding round from the three global technology giants, at a post-transaction valuation of $11.6 billion, adds to an existing group of investors that include Tiger Global Management, Naspers Group, Accel Partners and DST Global. "We have chosen these partners based on their long histories of pioneering industries, and the unique expertise and insights each of them bring to Flipkart. This deal reaffirms our resolve to hasten the transformation of commerce in India through technology,” said Flipkart. Proud to announce the largest investment in @Flipkart history ! https://t.co/ktwy39H3WW @TencentCorp @eBay @Microsoft #FlipkartBigWin — binnybansal (@binnybansal) April 10, 2017 The news comes amid strong but unconfirmed speculation that Flipkart is looking at a potential takeover of smaller rival Snapdeal. As part of the fundraising, eBay invested $500 million in Flipkart for a stake. In exchange, the two companies will merge their operations in India and Flipkart will own and operate eBay's business in the South Asian country when the deal closes later this year. "The investment by eBay is accompanied by a strategic commercial agreement with Flipkart. In exchange for an equity stake in Flipkart, eBay is making a cash investment in and selling its eBay.in business to Flipkart. eBay.in will continue to operate as an independent entity as a part of Flipkart," stated Flipkart. Welcome @ebayindia to the @Flipkart family! More power to e-comm in India! https://t.co/ktwy39H3WW @eBay #FlipkartBigWin — binnybansal (@binnybansal) April 10, 2017 EBay said in a separate statement it did not expect the deal to have any "material impact" on its guidance provided in January. (WION with inputs from Reuters)

Flipkart raises $1.4 billion from eBay, Microsoft, Tencent; acquires eBay India

In China&#39;s eastern city of Hangzhou, Li could barely watch as Portuguese striker Cristiano Ronaldo lined up a penalty kick in a finely-balanced Euro 2016 group match against Austria. Li had a reason to be nervous: He had bet tens of thousands of yuan on Portugal to win. 
 
With 10 minutes to go in the game in Paris, Real Madrid star Ronaldo hit the post, the game ended in a draw, and Li lost the money he had bet using Tencent Holdings Ltd&#39;s popular messaging app WeChat. 
 
Amid a surge of Chinese interest in global soccer, a side-effect has been a record spike in illegal gambling online, prompting multi-million dollar busts by police on betting rings, and tech giants like Tencent and Alibaba Group Holding Ltd cracking down on gambling activity on their apps. 
 
&quot;There are so many gamblers, groups and platforms during the European Cup though that I think it&#39;s really hard to find all of them,&quot; said Li, who asked only to use his surname as most online gambling in China is illegal. 
 
Li said he used a private chat group on WeChat where most of the betters were friends. Winnings were distributed via bank transfer, Alibaba-linked Alipay, WeChat or &#39;red packets&#39;, digital versions of traditional envelopes stuffed with cash. 
 
In the run-up to the UEFA European Football Championship final in Paris next Sunday, Chinese police say they have seen a surge in illegal online gambling. In a single bust last week, police in southern Guangdong arrested 147 people and froze funds worth nearly 100 million yuan ($15 million). 
 
Alibaba and Tencent acknowledge the issue and have anti-gambling systems in place to spot illegal behaviour. 
 
Ant Financial, the Alibaba affiliate which operates Alipay, has a three-tiered system to spot gambling, with computer systems analysing user behaviour and a line of human checks. 
 
&quot;If we find suspicious accounts, then we are going to freeze the account directly. It only takes a few hours from the first to the last step,&quot; said spokeswoman Miranda Shek, adding the firm was looking to add more anti-gambling staff. 
 
Reiterating a previous statement, Tencent said it is doing more to stamp out gambling on its platforms like WeChat, including restricting groups suspected of gambling behaviour and punishing individual account holders. It said it has put limits on more than 8,000 WeChat groups, and has limited the payment and &#39;red packet&#39; capabilities on more than 6,000 accounts. 
 
Soccer boom 
 
A soccer investment boom in China has helped propel interest in the game. Chinese firms have invested in overseas clubs, player agencies and media rights firms, and global soccer stars have moved to China in multi-million dollar deals. 
 
&quot;With the European Cup, everyone&#39;s betting on soccer but also over the last couple of years China&#39;s soccer market has developed rapidly. Big investments and star names create a real lure,&quot; said Hu Naijun, an assistant professor at the University of Science and Technology Beijing. 
 
The organiser of an online gambling group, who gave his name as Bao, said he and four other organisers had a pot of 5 million Yuan ($750,706) and that dozens of people would join for each game. 
 
&quot;In one night there will be millions placed in bets,&quot; he said, adding it had become a lucrative business. &quot;For the final, we&#39;ll probably go to Macau or Hong Kong and spend the whole week in the presidential suite.&quot; 
 
Li says he&#39;s still backing Portugal - who are through to the semi-finals - for Euro 2016 glory. 
 
&quot;I often can&#39;t watch, my heart just can&#39;t take it, I feel nervous at every chance. Especially when Ronaldo missed the penalty, I almost passed out,&quot; he said. 
 
($1 = 6.6604 Chinese yuan renminbi) 
 
(Reuters)&nbsp;

Investment boom has spiked public interest with betting rings reaping the benefit. Tencent and Alibaba are trying to stop gambling via apps

In China's eastern city of Hangzhou, Li could barely watch as Portuguese striker Cristiano Ronaldo lined up a penalty kick in a finely-balanced Euro 2016 group match against Austria. Li had a reason to be nervous: He had bet tens of thousands of yuan on Portugal to win. With 10 minutes to go in the game in Paris, Real Madrid star Ronaldo hit the post, the game ended in a draw, and Li lost the money he had bet using Tencent Holdings Ltd's popular messaging app WeChat. Amid a surge of Chinese interest in global soccer, a side-effect has been a record spike in illegal gambling online, prompting multi-million dollar busts by police on betting rings, and tech giants like Tencent and Alibaba Group Holding Ltd cracking down on gambling activity on their apps. "There are so many gamblers, groups and platforms during the European Cup though that I think it's really hard to find all of them," said Li, who asked only to use his surname as most online gambling in China is illegal. Li said he used a private chat group on WeChat where most of the betters were friends. Winnings were distributed via bank transfer, Alibaba-linked Alipay, WeChat or 'red packets', digital versions of traditional envelopes stuffed with cash. In the run-up to the UEFA European Football Championship final in Paris next Sunday, Chinese police say they have seen a surge in illegal online gambling. In a single bust last week, police in southern Guangdong arrested 147 people and froze funds worth nearly 100 million yuan ($15 million). Alibaba and Tencent acknowledge the issue and have anti-gambling systems in place to spot illegal behaviour. Ant Financial, the Alibaba affiliate which operates Alipay, has a three-tiered system to spot gambling, with computer systems analysing user behaviour and a line of human checks. "If we find suspicious accounts, then we are going to freeze the account directly. It only takes a few hours from the first to the last step," said spokeswoman Miranda Shek, adding the firm was looking to add more anti-gambling staff. Reiterating a previous statement, Tencent said it is doing more to stamp out gambling on its platforms like WeChat, including restricting groups suspected of gambling behaviour and punishing individual account holders. It said it has put limits on more than 8,000 WeChat groups, and has limited the payment and 'red packet' capabilities on more than 6,000 accounts. Soccer boom A soccer investment boom in China has helped propel interest in the game. Chinese firms have invested in overseas clubs, player agencies and media rights firms, and global soccer stars have moved to China in multi-million dollar deals. "With the European Cup, everyone's betting on soccer but also over the last couple of years China's soccer market has developed rapidly. Big investments and star names create a real lure," said Hu Naijun, an assistant professor at the University of Science and Technology Beijing. The organiser of an online gambling group, who gave his name as Bao, said he and four other organisers had a pot of 5 million Yuan ($750,706) and that dozens of people would join for each game. "In one night there will be millions placed in bets," he said, adding it had become a lucrative business. "For the final, we'll probably go to Macau or Hong Kong and spend the whole week in the presidential suite." Li says he's still backing Portugal - who are through to the semi-finals - for Euro 2016 glory. "I often can't watch, my heart just can't take it, I feel nervous at every chance. Especially when Ronaldo missed the penalty, I almost passed out," he said. ($1 = 6.6604 Chinese yuan renminbi) (Reuters)

In China football boom sparks online gambling craze

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