Meituan, Dianping Merger Creates Chinese Group-Buying LeaderBy
Startups backed by Alibaba, Tencent to pool resources
Current CEOs Wang, Zhang to share leadership of new company
Two Chinese startups separately backed by Alibaba Group Holding Ltd. and Tencent Holdings Ltd. will merge to create a dominant player in the nation’s booming market for local services from restaurant deals to movie bookings.
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