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Tencent to acquire $485 million stake in railway WiFi operator

04/13/2018| 4:01:06 PM|

Tencent’s rival Alibaba Group Holding has also shown interest in the deal, according to local media.

Bullet Train Networks Technology, owned by the national railway operator China Railway Corporation, has announced plans to sell a 49% share in the company for least RMB 3.05 billion (USD 485 million) on the Beijing Equity Exchange, as part of China’s mixed ownership reform.

Zhang Wei, vice president of Tencent’s Internet Plus division told Chinese local media that Tencent will participate in the bid to tap into the Internet traffic on country’s bullet trains.

As of last June, China’s high-speed trains carried more than 40 million passengers. However, free WiFi is not currently not available on trains, while mobile Internet signals are unstable when traveling at speed.

Tencent’s rival Alibaba Group Holding has also shown interest in the deal, according to local media.

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TAGS: Tencent | Alibaba | WiFi
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