Published: February 18, 2013
E-commerce company becomes latest Middle Eastern target.
Kingdom Holding Company (KHC), a Saudi investment group, has led a consortium to buy a controlling stake in Chinese e-commerce business 360buy Jingdong. The stake is valued at SR1.5bn (about US$400mn), with KHC contributing SR470mn. Qinvest advised on the deal.
360buy Jingdong is the largest business-to-consumer e-commerce firm in China. The rapidly growing company currently has six fulfillment centres and 65 warehouses across 24 cities, with
an additional 900 delivery stations in 360 cities.
This is not KHC’s first foray into the Chinese market. The firm has investments in the country’s entertainment sector through Disneyland Hong Kong, and also holds stakes in the Fairmont and Raffles hotels.