Welcome!

News Feed Item

Wanda Group Joins Forces with Baidu and Tencent to Establish World's Biggest O2O E-commerce Company

SHENZHEN, China, Aug. 29, 2014 /PRNewswire/ -- Wanda Group, Baidu and Tencent announced today at a signing ceremony held in Shenzhen, that they will establish the "Wanda E-commerce Company", a Hong Kong registered joint venture. The JV will invest initial capital of RMB 5 billion (US$814 million), with Wanda Group holding 70% equity, while Baidu and Tencent each own a 15% stake respectively.

Wanda Group Chairman Wang Jianlin, Baidu, Inc. Chairman and Chief Executive Officer Robin Li and Tencent, Inc. Chairman of the board and Chief Executive Officer Pony Ma attended the signing ceremony.

Wanda Group is a global leader in real estate, as well as China's largest cultural enterprise and the world's largest cinema operator. The company expects to attract over 1.5 billion customers to its Wanda Plazas, hotels and resorts in 2014, solidifying its position as China's largest offline commerce platform. Wanda conservatively estimates that its properties will draw in over 5 billion consumers annually by 2020, making it the world's largest offline commerce platform.

As China's largest search engine, Baidu possesses world leading technical capabilities and the most extensive big data resources. Baidu is China's largest internet portal, as well as the largest distribution platform for applications and services, with over 6 billion relevant search requests per day and over 10 billion monthly mean daily PVs for its location based services.

Tencent's range of online products has the largest user base and highest activity in China. As of June 30, monthly active users on Tencent's QQ instant messaging service reached 829 million, while its mobile social platform WeChat exceeded 438 million active users.

Wanda, Baidu and Tencent are all leaders in their respective industries, which will allow them to combine their respective strengths by integrating corresponding products to create a world leading O2O e-commerce business model.

Wanda, Baidu and Tencent will cooperate closely together in developing payment and e-commerce financial products, building a universal customer loyalty program, big data integration, Wi-Fi sharing, and product integration.

The integration of online and offline business is an inevitable trend in the development of the e-commerce industry, said Wanda E-commerce Company CEO Dong Ce. The tie-up with the two IT giants will elevate Wanda Group, who owns the world's most abundant offline commercial resources, to become the world's largest O2O platform, according to Dong.

Wanda E-commerce will launch e-commerce services in all 107 Wanda Plazas, including those yet to open this year, by the end of this year. By 2015, all Wanda's plazas, hotels and resorts will be equipped with e-commerce services, said Dong, predicting that Wanda e-commerce membership will exceed 40 million this year and is expected to increase to over 100 million by next year.

Wanda E-commerce will also seek to develop a series of innovative online financial products through direct collaboration with Wanda's financial arm.

Dong revealed that Wanda E-commerce Company has registered a very "cool" new name for the joint venture, which will be announced on the day of its official launch.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.