Tencent, one of China's biggest Internet companies, is set to announce a deal on Wednesday to purchase a 20-percent stake in restaurant ratings and group buying website Dianping for 400 million U.S. dollars, China Business News reported on Monday.
Two of China's biggest internet giants have begun their legal battle at the country's Supreme People's Court. The web companies, Qihoo 360 and Tencent, have been involved in a feud over monopolies and unfair practice. The case is China's first anti-monopoly lawsuit in the online market since China's anti-monopoly law took effect in 2008. Experts believe the final verdict could set a future benchmark for other anti-monopoly cases.
China's two Internet giants -- Sina Weibo and its rival Tencent WeChat -- have rolled out new products with more commercial functions, marking the escalation of competition in the Chinese mobile Internet market.
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