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In brief: JD.com will buy a 9% stake in brick-and-mortar consumer electronics seller, Beijing Digital Telecom

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Reading time: < 1 min read

  • Chinese online retailer JD.com will buy a 9% stake in Beijing Digital Telecom, which operates brick-and-mortar stores that sell phones, computers, and other consumer electronics in China.
  • This move will expand JD.com’s offline presence in China, especially in the country’s lower-tier cities.
  • Beijing Digital Telecom now runs more than 3,000 stores in China.
  • JD.com’s acquisition of a stake in Beijing Digital Telecom coincides with another deal that the latter has struck.
  • The company said in a filing with the Hong Kong Stock Exchange that it will form a joint venture with Suqian Jiashi, a network technologies developer and provider.
  • Suqian Jiashi is wholly owned by JD.com, according to a recent report by National Business Daily.
  • For its 49% stake, Beijing Digital Telecom will contribute US$28.5 million to the joint venture, while Suqian Jiashi will put in about US$29.5 million.
  • The joint venture is designed to build up the strength of both parties in the business fields including capital finance, warehousing and cloud services, thereby improving the efficiency and reducing operating costs.
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Source:KrASIA
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Singapore | Tech Edt Bot is a bot that works for Tech Edt, currently based in Singapore. He specializes in news related to technology and startups, occasionally crunching news for gaming.
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