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Business

China's Alibaba, Tencent smothering competition in Chinese e-commerce

Internet giants wrest control of new markets with financial might

An official in Shanghai hauls away discarded bicycles from various bike-sharing services.

GUANGZHOU -- Chinese internet powerhouses Alibaba Group Holding and Tencent Holdings are creating extreme market concentration in new e-commerce businesses by buying out promising startups and showering them with money, enabling them to overwhelm rivals.

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