The rivalry between Alibaba and Tencent is so intense that it has long carved China’s tech sector into two competing ecosystems and forced start-ups to choose sides. But in recent months the split has begun to look a little blurry.
Alibaba became the third-biggest shareholder in China International Capital Corporation, even though Tencent has the second-largest stake in the leading investment bank.
A month later, in March, the Hangzhou-based tech giant invested $171m into Tencent-backed news app Qutoutiao through a loan that will convert into a 4 per cent stake in the content platform.
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