(Yicai Global) Aug. 15 -- Chinese multinational conglomerate Wanda Group's unit Wanda Commercial Management Group and Chinese tech titan Tencent Holdings have set up a joint venture with registered capital of CNY4.6 billion (USD668 million) to target smart retail.
The JV company formed on June 8, and its legal representative is Qi Jie, president of Wanda Commercial Management Group.
The infant internet technology firm will get an injection 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 affiliates will provide electronic invoices and other services.
Wanda Commercial Management Group paid CNY2.35 billion to hold 51 percent of the shares. Tencent affiliate Linzhi Tencent Technology contributed CNY2 billion to take a 42.48 percent stake. Tencent-backed Hainan-based Hainan Fapiaoer Science and Technology forked over CNY300 million to hold 6.52 percent. The three parties' pay -in date is Dec. 31, 2050.
Wanda Internet Technology spun off from Wanda Financial Group in October 2016, after which the latter's insurance and investment businesses were incorporated into the new Wanda Financial Group while its business units including FFan Pay, 99Bil, Credit Rating, Big Data and Online Credit were transplanted into Wanda Internet Technology.
Fapiaoer Science and Technology formed May 5 last year with Tencent as its largest shareholder. They teamed to issue the first blockchain-based electronic invoice in China on August 10 at a restaurant in southern China's Shenzhen where Tencent is based, Yicai global reported at the time.
Editor: Ben Armour