Asia Bizz: Five companies have jointly agreed to invest into a Chinese online shopping firm and Wal-Mart is looking forward to invest a Business To Customer (B2C) website in the country which is wort $500 million. Wal- Mart has planned to enhance 360buy.com, one of the most prominent shopping websites in China. Richard Liu, of 360buy has officially announced about the investment on his microblog.
The spokesperson of 360buy has confirmed that Wal-Mart is one of the five investors who are going to invest into this B2C website. It is not a shock at all that there is heavy investment in online trade these days and especially in China, GAP, has also taken steps to expand all throughout, as the market capacity in this country is huge.
According to the 360buy spokesperson, she has not yet disclosed the exact details regarding the investments, but has assured that there will be more details provided further in the coming weeks. Wal-Mart on the other hand has not commented or reported on this very topic.
Source: ChinaDaily
