• The New York Times reports that Walmart is one of several companies investing a total of $500 million in 360buy.com, described as “a fast-growing online retailer in China.” The precise amount of the check being written in Bentonville was not divulged.
The Times writes, “The 360buy deal seems likely to feed excitement about China’s fast-growing Internet start-ups. Just a few weeks ago, one of China’s biggest online video sites, Youku.com, raised more than $200 million in an initial public offering in the United States. Then, in December, its shares raced up in one of the hottest debuts in years on the Nasdaq.
“China is already home to some of the world’s most valuable Internet companies, like Alibaba, Baidu and Tencent. The country also has the most Internet users, about 420 million, according to the latest government survey.”
The Times writes, “The 360buy deal seems likely to feed excitement about China’s fast-growing Internet start-ups. Just a few weeks ago, one of China’s biggest online video sites, Youku.com, raised more than $200 million in an initial public offering in the United States. Then, in December, its shares raced up in one of the hottest debuts in years on the Nasdaq.
“China is already home to some of the world’s most valuable Internet companies, like Alibaba, Baidu and Tencent. The country also has the most Internet users, about 420 million, according to the latest government survey.”
- KC's View:
