Alibaba's Rival Aims To Raise $1B From Tencent

Indonesian startup J&T Express aims to raise over $1 billion from Tencent Holdings Ltd TCEHY and other investors at a pre-money valuation of $20 billion, the Information reports.
The high valuation reflects investors' faith in the express courier service in Southeast Asia and China. The business got a significant shot in the arm from the pandemic-driven online shopping growth.
A brutal price war is brewing between the fast-growing startup and Alibaba Group Holding Ltd's BABA logistics network. J&T's significant clients include Pinduoduo Inc PDD and Sea Ltd's Shopee.
Alibaba rival Tencent backs both Pinduoduo and Sea. Recently, JD.com Inc JD also recently ramped up its logistics presence.
Price Action: BABA shares traded higher by 2.87% at $166.1949on the last check Tuesday.