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Yahoo Japan ties up with Tmall
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Japan's third largest online retailer Yahoo Japan Co jumped the most in two months in Tokyo trading after the company said it will team up with Chinese e-commerce giant Alibaba Group Holding to expand footprint into the world's second largest economy.
Yahoo Japan's share surged 11.7 percent to 556 yen (US$4.5) on Friday, the highest closing price since March 31, lifting its market value to 3.2 trillion yen.
Daniel Zhang, Alibaba's chief executive officer, said they will launch "Japanese Pavilion" on the Tmall websiten with 100 brands and plans to increase the number to 600 in three years.
"The rising popularity of Japanese goods in China is creating an expansion opportunity for domestic merchants. We see the cross-boarder e-commerce as an explosively growing market," Yahoo Japan said in its statement, noting to tap Alibaba's massive customer base, logistics network and settlement system.
The tie-up is expected to start as early as this summer.
Those Japanese companies will pay only one-fifth the usually initial costs for selling products on Tmall to enjoy the preferential policy of the cooperation, Japan's Nikkei Newspaper reported.
The Chinese e-commerce market is estimated at 50 trillion yen, or 2.5 trillion yuan (US$403 billion), five times the size of the Japanese market, according to iResearch. Alibaba controls more than 60 percent of the market, boasting 350 million users on the Tmall website, said iResearch, a leading market research firm focusing on Internet industry.
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