Alibaba, Tencent take their rivalry to online food delivery services

Updated 2018-04-02 15:13:08

The duel between China's business conglomerates Alibaba and Tencent will move to online food ordering services.

On Monday, Alibaba and its financial arm, Ant Financial, signed an agreement with online food ordering platform to buy out and take full control of the platform for .5 billion (59.58 billion yuan).

The move is a breakthrough in Alibaba's "from new retail to new consumption" plan, and's timely delivery network will be the infrastructure of the "new retail", according to a public letter from Alibaba's Zhang Yong,

Previously, Alibaba and Ant Financial had invested .25 billion to acquire about 30 percent of

After the deal, Zhang Xuhao, the founder of, will become chairman of the new, while Zhang Yong, vice-president of Alibaba, will be CEO, according to the public letter.

Last August, purchased Baidu Waimai, a food delivery unit of internet search company Baidu, to take nearly half the share of the online food ordering market.

Alibaba will integrate's businesses to compete with Meituan, a Tencent-backed online lifestyle platform that has some share of the market, according to the news portal thepaper, citing Futu Securities. and Meituan are not only food delivery service platforms, but also have classified offline shopping information to provide group-buying service to local people.

As controllers of and Meituan, the competition between Alibaba and Tencent will extend from the online market to the offline market.

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