Google makes $550M strategic investment in Chinese e-commerce firm JD.com

18 Juin, 2018, 12:26 | Auteur: Auguste Feret
  • Google makes $550M strategic investment in Chinese e-commerce firm JD.com

Google has made investments in China, released products there and opened up offices that include an AI hub, but now it is working with JD.com largely outside of China.

Google has been increasing its presence in China in recent times, and today it has continued that push by agreeing to a strategic partnership with e-commerce firm JD.com which will see Google purchase $550 million of shares in the Chinese firm.

According to the report, the agreement will not involve any major new Google initiatives in China.

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 US and Chinese internet giants.

JD.com is China's second-largest e-commerce company after Alibaba.

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FILE PHOTO: The logo of Google is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018.

Google will receive 27.1 million newly issued JD.com Class A ordinary shares as part of the deal. This will give them less than a 1 percent stake in JD, a spokesman for JD said.

The deal will help Google to expand its online retailing business and could boost advertising revenue, which has been threatened by Amazon.com Inc. recently as businesses increasingly shift ads to the internet shopping company.

We want to accelerate how retail ecosystems deliver consumer experiences that are helpful, personalized and offer high quality service in a range of countries around the world, including in Southeast Asia.

Company officials said the deal would marry Google's market reach and strength in analytics with JD.com's expertise in logistics and inventory management.

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