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Alibaba and Tencent Should Watch Out for Baidu

Alibaba and Tencent Should Watch Out for Baidu

Baidu (BIDU) is selling a majority stake in its financial services unit as it seeks to raise funds to bolster its competition in China’s digital financial services market. Alibaba (BABA) and Tencent (TCEHY) are currently the leading providers of digital financial services in China, with iResearch China estimating that Alibaba’s Alipay commands ~54% of China’s mobile payment market.