Home Sign in Research report Data Center Industry News Custom Research About us
Research report:                          Automotive  |  Electronics  |  Mechanical&Automation  |  New Energy  |  Medical  |  Advanced Materials  |  Building Products  |  Transportation  |  Communication  |  Chemical  |  Finance  |  IT Industry  |  Food  |  Home Appliances  |  Forestry  |  Agriculture  |  Textile  |  Culture Industry  |  Consumer goods  |  Others  |
 Home > Industry News > IT Industry > Text
China's 360buy raises $1.5b
Author:Sino-report    Source:Shanghai    Number of clicks :     Update time:2011-04-05 10:02
Sino-report industry news April 2011

SHANGHAI - China's largest business-to-consumer website said on Friday it has raised a whopping $1.5 billion from a diverse group of investors in its latest round of financing, in preparation for an initial public offering in 2013.

360buy's latest fundraising comes at a boom time in China's e-commerce industry that is set to grow at high double digit rates over the next two years, as rising incomes across China boost consumer spending and the number of Internet users soar.

360buy, which sells branded electronics goods online, said Russian Internet investment group Digital Sky Technologies had put in $500 million. News of DST's investment was first reported by the Financial Times.
DST has invested in social networking website Facebook and discount-buying website Groupon.
"With regard to the rapid development of 360buy and China's e-commerce industry, this round of fundraising will have a very meaningful impact on that," Liu Qiangdong, chief executive of 360buy, said in a statement.
360buy said that Tiger Fund had also invested in the firm. In December, 360buy confirmed that it had secured $500 million in funding from six strategic partners including Wal-Mart Stores Inc. 
The company has received $1.1 billion of the funds.
360buy made 11.4 billion yuan ($1.7 billion) in sales in 2010, estimated Beijing-based research firm Analysys International.
China's e-commerce industry handled 520 billion yuan in transactions in 2010, with about 30 percent of the country's 450 million strong Internet users transacting over the Web. Taobao is the leading e-commerce platform in China with more than 70 percent of the market by transaction value.
"It's still at a very fast growth stage. With more investment it is getting more competitive and we are going to see more development of new business models," said Hong Kong-based JPMorgan analyst Dick Wei.
The soaring number of Chinese Internet users coupled with rising incomes has whet investor appetite for Chinese Internet companies such as Baidu Inc and Tencent Holdings.
Shares of recently listed Qihoo 360 Technology soared in their debut on Thursday, more than doubling its IPO price of $14.50.
Qihoo's $176 million IPO comes on the heels of a rush of similar Chinese Internet companies in the fourth quarter, such as online video company Inc and Internet retailer E Commerce China Dangdang Inc.
The shares of both companies also soared in their NYSE debuts in December, rising 161 percent and 87 percent, respectively. Youku has since risen another 34 percent, while Dangdang erased some gains to trade 39 percent above the IPO price.
Wei said the large investment into 360buy could bring competitive pressure to Dangdang and Taobao. On Thursday, Baidu said it will shut its online e-commerce store Youa and migrate users to other platforms.
Order Online
Contact Us
Tel: 400-988-9999
Phone :+8615313587056
Online Consultation
Skype: Please Please
Latest Reports
[IT Industry] Online sales bringing world of opportunity
[IT Industry] Public cloud services help SMEs boost infrastructure automation
[IT Industry] China's social e-commerce to reach $170b in 2018
[IT Industry] Xiaomi pushes AI plans in Optics Valley
[IT Industry] Chinese researchers develop AI technology for screening diabetic retinopathy
[IT Industry] Huawei techno truck shows off 5G hardware
[IT Industry] Xi calls for international cooperation on big data industry
Popular reports
China's social e-commerce to reach $170b in 2018
Xiaomi pushes AI plans in Optics Valley
Industry Data
China opens market to Kenya's agricultural products
China's publishing industry booming over past 40 years
Industrial Production Operation in July 2018
Total Retail Sales of Consumer Goods in July 2018
National Real Estate Development and Sales in the First Seven Months of 2018
NSDP/SDDS for the People's Republic of China
Market Price of Important Means of Production in Circulation, July 01-10, 2018
In the first five months of 2018, the profits made by industrial enterprises above the designated siz
Purchasing Managers Index for June 2018
Market Price of Important Means of Production in Circulation, June 21-30, 2018
In global EV battery shipments during Jan - Apr 2018, LG Chem and Samsung SDI ranked 4th and 6th
Based on Jan - Apr shipment record, Kia Motors Remain on Top 10 in Global PHEV Power Brands Ranking
Consumer Prices for May 2018
Producer Prices for the Industrial Sector for May 2018
Industrial Production Operation in May 2018
Investment in Fixed Assets for the First Five Months of 2018
National Real Estate Development and Sales in the First Five months of 2018
Producer Prices for the Industrial Sector for April 2018
Stable Performance for the National Economy in April
Total Retail Sales of Consumer Goods in April 2018
Industrial Production Operation in April 2018
National Real Estate Development and Sales in the First four months of 2018
Sales Prices of Residential Buildings in 70 Medium and Large-sized Cities in April 2018
Industrial Profits Increased in the First Four Months of 2018
Industry News
Iron and steel sector gains strength
China’s wines take center stage
Machinery manufacturing fair boosts Sino-Russian ties
Medical device manufacturers display their latest technology
Soybean farmers store crops amid hopes of higher prices
Tourism industry opening on agenda
Tech competition eases startups' access to China market
China's excavator sales grow 44.9% in October
China's solid waste imports continue to slump on tightened ban
Delivery orders jump 25.12% to 1.35b on Singles Day
Related Links
China's social e-commerce to reach $170b in 2018
Search engine company Baidu Inc has invested in

Sitemap       |       Join Us      |       Customer Service       |       About Sino-report
Copyright © 2011-2025 Sino-report Consult Inc.
No.18 Zhichun Road, Haidian District. Beijing 100089.China
Information and data contained in this site is for reference only pursuant to operate your own risk