BEIJING/SHANGHAI (Reuters) – Alibaba and Tencent spent more than $8 billion last year alone backing often strikingly similar ventures, as the Chinese Internet giants race to create online one-stop-shops to win the digital loyalty of a tenth of the world’s population.
Richard Liu, CEO and founder of China’s e-commerce company JD.com, crosses a street on an electric tricycle as he delivers goods for customers to celebrate the anniversary of the founding of the company, in Beijing, June 16, 2014.
SHANGHAI (Reuters) – China’s transport ministry has banned taxi hailing apps such as Uber Technologies Inc and local rivals Kuaidi Dache and Didi Dache from using cars and drivers without taxi licenses in a bid to regulate the rapidly growing sector.
BEIJING/SHANGHAI (Reuters) – Deep-pocketed Chinese rivals and tough regulators stand in the way of U.S. car-hailing service Uber’s plans to conquer one of the world’s biggest transportation markets, even after it signed a tieup with domestic internet giant Baidu Inc.