Chinese Internet technology company Baidu, Inc. has stepped into the geolocation technology arena, an emerging technology currently captivating retailers and other industries. The company invested US$10 million last month in Finnish-based mapping service provider IndoorAtlas to develop new GPS systems. IndoorAtlas had already developed computer software that lets a compass in smartphones identify a person’s indoor location using the Earth’s geomagnetic fields, instead of relying on wireless signals.
Chinese web and social media titan Tencent (HKG:0700) has revealed this afternoon that it has taken a 20 percent stake in Dianping, a Yelp-style local listings portal that also sells daily deals. Tencent hasn’t revealed any financial details. This major deal will see a lot of Dianping content – such as local listings, consumer reviews, daily deals, online restaurant reservations and take-out ordering services – added to Tencent’s two main social networks, WeChat and QQ.