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Published
Feb 20, 2013
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Chinese 360buy.com raises 300 million euros

Published
Feb 20, 2013

A contract with Nokia, the launch of a new international platform in English, sales target to grow turnover from 7 to 12 billion euros between 2012 and 2013 — the Chinese Internet giant 360buy.com has big plans. The group is both a retailer and service provider. But despite its growth, it must still look for external financial support.

Homepage of 360buy.


A group of investors led by the Saudi Arabian Kingdom Holding funds just invested 300 million euros in 360buy. “We appreciate the support of Kingdom and we expect a long-term and constructive relationship,” said Richard Liu, CEO and founder of 360buy in a statement.

Kingdom Holding, whose chairman of the board of directors is Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, is the largest foreign investor in the U.S. (e-Bay, Apple, Time Warner). It appears the fund now wants to spice up its portfolio with some Asian investments, such as Citibank and Disneyland Hong Kong.

"Our agreement with 360buy solidifies the strategic relationship between Saudi Arabia and China," said Ahmed Halawani, executive director of Kingdom Holding. “This deal is also in line with Kingdom Holding’s private equity investment strategy through selecting high growth companies potentially seeking to be listed in one of the international capital markets within three years.”
The Saudi group thus recently invested $ 225 million in Twitter.

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