Geely-Tencent Duo Wins Bullet Train’s Wi-Fi Project
A partnership formed by China’s largest private automaker and internet giant Tencent has won the bidding for the national railway operator’s Wi-Fi project, shelling out 4.3 billion yuan ($673 million).
Zhejiang Geely Holding Group Co. will own 39% in Bullet Train Networks Technology Ltd., an onboard Wi-Fi provider wholly owned by the state-owned railroad operator China Railway Corp. (CRC), while Tencent Holdings Ltd. will take another 10%, sources familiar with the matter told Caixin.
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