(Yicai Global) Aug. 15 -- Chinese multinational conglomerate Wanda Group's unit Wanda Commercial Management Group and Chinesetech titan Tencent Holdingshave set upa joint venture with registered capital of CNY4.6 billion(USD668 million) totargetsmart retail.

TheJVcompanyformed on June 8, and its legal representative is Qi Jie, president of Wanda Commercial Management Group.

Theinfantinternet technology firm will getaninjection of some businesses of Wanda Internet Group,such as its internet technology payment brand FFan Pay.

Tencent will contribute its online traffic and other resources,while Tencent affiliateswillprovideelectronic invoices and other services.

Wanda Commercial Management Group paid CNY2.35billion to hold 51 percent of the shares. Tencent affiliate Linzhi Tencent Technology contributed CNY2billion totake a42.48 percent stake.Tencent-backed Hainan-basedHainan Fapiaoer Scienceand Technologyforked overCNY300 million to hold 6.52 percent. The three parties' pay-in date is Dec. 31, 2050.

Wanda Internet Technologyspunoff from Wanda Financial Group in October 2016, afterwhichthe latter's insurance and investment businesses were incorporatedinto the new Wanda Financial Group while its business units including FFan Pay, 99Bil, Credit Rating, Big Data and Online Credit weretransplanted into Wanda Internet Technology.

Fapiaoer Scienceand TechnologyformedMay 5last yearwith Tencentasits largest shareholder.Theyteamedto issue the first blockchain-based electronic invoice in Chinaon August 10at arestaurant in southern China's Shenzhenwhere Tencent is based, Yicai global reported at the time.

Editor: Ben Armour