World Economy

New Merger

New MergerNew Merger

Two Chinese startups separately backed by Alibaba Group Holding Ltd. and Tencent Holdings Ltd. have agreed to a merger that will create a $15 billion provider of local services like restaurant reviews and movie bookings, people with knowledge of the matter said, Bloomberg reported. The combination of, part-owned by Alibaba, with Tencent-backed may be announced as soon as Thursday, the people said, asking not to be identified because the information is private. China’s largest Internet companies are investing heavily in the $1.6 trillion online-to-offline services market, betting that the use of smartphones and tablets to book everything from hotel rooms to car rides will become mainstrem.