|Wanda and Tencent launch joint high-tech venture|
|Author: CSEBA / SEEbiz|
|21st August 2018|
|BEIJING - A joint venture co-founded by Wanda, Tencent and Hainan Gaopeng has been launched with a registered capital of 4.6 billion yuan (US $670 million).|
The joint venture is called Shanghai Bingsheng Technology Co. Ltd.
Wanda Business Management Group, one of the core subsidiaries of Wanda Group, is the controlling shareholder of the company, subscribing for 2.34 billion yuan for a 51% stake.
Linzhi Tencent Technology Co. Ltd., a subsidiary of Tencent involved in serval major mergers and acquisitions for the company, subscribed for 1.95 billion yuan, for a 42.48% share.
Hainan Gaopeng, which is Hainan Fapiaoer Science And Technology Co. Ltd., an electronic invoicing solution provider, subscribed for 300 million yuan, securing a 6.52% share.
The new company will be involved in technology development and consulting in the areas of network technology, computer technology, information technology, energy technology and environmental protection technology.
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.