Chinese online business-to-consumer (B2C) company 360buy
Jingdong Mall secured $500 million in funding from six strategic partners,
including Wal-Mart, a 360buy spokeswoman said on Friday.
Wal-Mart's investment amount was not disclosed but the
company has been eager to tap into the pocketbooks of China's burgeoning middle
class, and earlier this year launched in China an e-commerce site for its Sam's
Club warehouse stores.
"It's a smart move for them (Wal-Mart), because 360buy,
in my opinion, is one of the best B2C online companies in China today,"
said Michael Clendenin, managing director of RedTechAdvisors, a technology
research firm.
360buy Chief Executive Liu Qiangdong told a press conference
on Thursday that the funds would be used to build logistics centres in China,
local media reported.
China's massive e-commerce market is highly fragmented and
competitive, where 360buy battles Taobao, a unit of Alibaba Group and
E-Commerce China Dangdang Inc. for dominance. 360buy had 14.1 percent of
China's B2C market in the third quarter while Dangdang had 3.7 percent,
according to data from Analysys International.
