Alibaba

Alibaba, Tencent rally troops amid $10 billion retail battle

SHANGHAI: China’s tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd, worth a combined $1 trillion, are on a retail investment binge, forcing merchants to choose sides amid a battle for shoppers’ digital wallets. Since the start of last year, the two companies have between them spent more than $10 billion on retail-focused deals, boosting their reach […]