Online site secures big investment
By Ding Yining |
April 2, 2011, Saturday
|
Print Edition
Print Edition
CHINESE online shopping site 360buy.com yesterday said it has secured US$1.5 billion in its latest round of financing, making it the largest single fundraiser in the domestic Internet industry.
Digital Sky Technologies, Tiger Global and four other institutions and a host of individual investors were among the investors in the online retailer, who hope to cash in from the huge online growth potential in the world's largest Internet market.
The company will use the capital to build up its logistics network and to support technology research and development projects.
DST, backed by Russian billionaire Yuri Milner, was the largest contributor to the investment, putting in US$500 million. The company has also invested in other popular online sites such as Facebook and Groupon.
"The booming Chinese e-commerce market is attracting more and more international institutions to invest in the sector," 360buy's Chairman and Chief Executive Officer Liu Qiangdong said.
Liu earlier said he hopes to list the company in Hong Kong or the United States by 2013.
360buy held a 14.1 percent share of the domestic online retail market in terms of sales at the end of last year. Its immediate rivals include the US-listed Dangdang.
Digital Sky Technologies, Tiger Global and four other institutions and a host of individual investors were among the investors in the online retailer, who hope to cash in from the huge online growth potential in the world's largest Internet market.
The company will use the capital to build up its logistics network and to support technology research and development projects.
DST, backed by Russian billionaire Yuri Milner, was the largest contributor to the investment, putting in US$500 million. The company has also invested in other popular online sites such as Facebook and Groupon.
"The booming Chinese e-commerce market is attracting more and more international institutions to invest in the sector," 360buy's Chairman and Chief Executive Officer Liu Qiangdong said.
Liu earlier said he hopes to list the company in Hong Kong or the United States by 2013.
360buy held a 14.1 percent share of the domestic online retail market in terms of sales at the end of last year. Its immediate rivals include the US-listed Dangdang.
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