Tencent Making Headway Versus Alibaba PYMNTS.com

In a saturated eCommerce market, Chinese eCommerce giant Alibaba and its biggest competitor, Tencent Holdings Limited, have their eyes on diversification, and Alibaba is losing ground. Like their American counterpart Amazon, Alibaba and Tencent are fashioning themselves identities that have less and less to do with online shopping and more to do with an integrated life approach. Alipay, Alibaba's mobile payment platform, released a version in Hong Kong dollars this week. Previously, payments could only be made in yuan. Alibaba took an 18 percent stake in supermarket and convenience store operator Lianhua Supermarket Holdings, catapulting the company's stocks as much as 34 percent during Monday morning trading (May 29).