Related News
Haier Electronics shares surge 20% on joint venture with Alibaba
Online Edition
SHARES of Haier Electronics Group surged as much as 20 percent in the morning session after it resumed trading as it announced that e-commerce giant Alibaba Group has made a strategic investment for HK$2.82 billion (US$363 million).
Alibaba Group will invest HK$1.86 billion to form a new joint venture with Haier's wholly owned logistics unit and also purchase a 2 percent stake in the parent company, Haier Electronics, for HK$965 million, according to Haier's filing with Hong Kong’s stock exchange today.
The joint venture will be called Goodaymart.
Haier's shares surged 15 percent as of 11am today at HK$22.35.
Alibaba and Haier are expected to combine their e-commerce capacities and after-sale service of home appliances to provide a convenient online shopping experience.
Insufficient logistics has been dragging down the performance of home appliance online sales, the companies said. They said they also believe that comprehensive service capacity rather than low prices will be the key for future competition in the home appliance realm.
The joint venture will be responsible for merchandise dispatch and the installation service network for home appliance buyers on Tmall.
Logistics has been the core for Alibaba's recent strategic moves.
In May of this year, the e-commerce giant unveiled Cainiao Network Technology Co Ltd to create a logistics network with an initial capital input of 100 billion yuan (US$16.4 billion) in an aim to reduce logistic costs for online vendors.
China is encouraging the spending through online channels and is hoping transactions reach a total of 18 trillion yuan by 2015 as the country is shifting towards consumption-oriented rather than investment-driven economy, the Ministry of Commerce said in a statement last month.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
