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

Indonesian startup J&T Express aims to raise over $1 billion from Tencent Holdings Ltd (OTC: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 (NYSE:BABA) logistics network. J&T's significant clients include Pinduoduo Inc (NASDAQ:PDD) and Sea Ltd's Shopee.
Alibaba rival Tencent backs both Pinduoduo and Sea. Recently, JD.com Inc (NASDAQ: JD) also recently ramped up its logistics presence.
Price Action: BABA shares traded higher by 2.87% at $166.1949on the last check Tuesday.