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Most of China’s tech giants, including instant messaging and gaming company Tencent, mobile handset maker Xiaomi, portal and microblogging giant Sina, and the country’s video-streaming sites Youku Tudou, i Qiyi, and Le TV, all have rushed into the rapidly growing space, joining upstarts such as Panda TV, an e-sports streaming app owned by Wang Sicong, the son of Wang Jianlin, China’s richest man, a real estate mogul with aspirations in media and entertainment.