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Chinese Internet Companies Sharpen Their Competition at Home to Better Compete Abroad

Jul 18, 2018 | 19:48 GMT
In this August 2017 photo, a man walks past an ad in Hong Kong's international airport for the social media platform WeChat, which is owned by China's Tencent.

The social media platform WeChat is owned by China's Tencent, which is competing with rivals Alibaba and Baidu for control of the Chinese internet market.

(RICHARD A. BROOKS/AFP/Getty Images)

Chinese e-commerce startup Pinduoduo is seeking between $16 and $19 per share in its upcoming initial public offering on the Nasdaq stock market, according to its latest U.S. Securities and Exchange Commission filing on July 16. At the upper end of that range, Pinduoduo would gather $1.63 billion in funding from the IPO and would see a valuation at about $24 billion. Pinduoduo is one of China's rising e-commerce companies, and major stakeholder Tencent hopes it can leverage it in its competition against rival Alibaba....

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