Alibaba Competitor Wanda E-Commerce Raises $161M at $3B Valuation

China-based Wanda E-Commerce, which hopes to position itself as a rival against Alibaba, has raised one billion RMB (about $161 million) in funding from investment funds Shengke Limited and Hong Kong Xu De Ren Dao E-Commerce Investment Co. Wanda E-Commerce says this quadruples its valuation to 20 billion yuan (about $3 billion). Wanda E-Commerce was founded in