Google To Invest $550 Million In Chinese E-Commerce Giant JD.Com
Search giant, Google will invest $550 million in Chinese e-commerce powerhouse JD.com.
This is part of the U.S. internet giant’s efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com.
The two companies described the investment as one piece of a broader partnership that would include the promotion of JD.com products on Google’s shopping service. This could help JD.com expand beyond its base in China and Southeast Asia and establish a meaningful presence in U.S. and European markets.
Company officials said the agreement initially would not involve any major new Google initiatives in China, where the company’s main services were blocked over its refusal to censor search results in line with local laws.Also Read: 3 Quick Steps To Get New BOUNCE FOOTBALL Feature
JD.com’s investors include Chinese social media powerhouse Tencent Holdings Ltd, the arch-rival of Chinese e-commerce leader Alibaba Group Holding Ltd, and Walmart Inc.
Google is stepping up its investments across Asia, where a rapidly growing middle class and a lack of infrastructure in retail, finance and other areas have made it a battleground for U.S. and Chinese internet giants.
Google will get 27.1 million newly issued JD.com Class A ordinary shares as part of the deal. This will give them less than one percent stake in JD, a spokesman for JD said.
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