People walk along a road before the Chinese conglomerate Wanda Group building in Beijing. Photo: AFP/Fred Dufour

A joint venture co-founded by Wanda, Tencent and Hainan Gaopeng has been launched with a registered capital of 4.6 billion yuan (US $670 million), The Paper reported.

The joint venture is called Shanghai Bingsheng Technology Co. Ltd.

Wanda Business Management Group, one of the core subsidiaries of Wanda Group, is the controlling shareholder of the company, subscribing for 2.34 billion yuan for a 51% stake.

Linzhi Tencent Technology Co. Ltd., a subsidiary of Tencent involved in serval major mergers and acquisitions for the company, subscribed for 1.95 billion yuan, for a 42.48% share.

Hainan Gaopeng, which is Hainan Fapiaoer Science And Technology Co. Ltd., an electronic invoicing solution provider, subscribed for 300 million yuan, securing a 6.52% share.

The new company will be involved in technology development and consulting in the areas of network technology, computer technology, information technology, energy technology and environmental protection technology.