AsiaInfo Services
03-14-2011
360buy Completed USD500mn Financing
BEIJING, Mar 14, 2011 (SinoCast Daily Business Beat via COMTEX) -- www.360buy.com/ has completed a financing worth more than USD 500 million, and special details will be disclosed at the end of March 2011, said its chairman of the board of directors Liu Qiangdong last week.
By far, the online retailer has completed third rounds of financing. If wanting to introduce into more capital, the chairman must sell more equities in the company, which means that the chairman is likely to lose the power of discourse in the company.
Last year, global well-known retailer Walt-Mart was said to have a mind to control the Beijing-based retailer.
An Analysys International analyst told journalists that 360buy specialized in selling 3C electronic appliances, but the transparent gross margin of such commodities was low and the website also spurred price wars to scramble for market shares on basis of sacrificing profits so that it has not been profitable yet. Therefore, it needs to constantly introduce into capital to meeting its needs for rapid expansion.
Source: www.scol.com.cn (March 14, 2011)
KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
E-commerce
SinoCast China Business Daily news
financing
power of disclosure
retailer
3C electronic appliance
market share
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