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Tencent-backed fleet business links with Alibaba-backed firm

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Merger brings together China’s platform giants as shareholders of combined entity

Tencent Holdings: Headquarters in Shenzhen, China. Picture: Bloomberg/Qilai Shen

The merger comes as G7 considers a potential initial public offering in Hong Kong that could happen as early as this year. The company is working with advisers including China International Capital, Citigroup and Morgan Stanley on the proposed first-time share sale. Tencent and Alibaba have largely built rigidly separate ecosystems, with few exceptions. Video platform Bilibili is backed by both giants.

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