Singles Day – November 11 – is right around the corner. And these days in China that means one thing: massive sales on virtually every ecommerce site you can think of. But with massive sales also comes the opportunity for vendors to mislead and swindle consumers into thinking they’re getting a good deal when they’re not. And according to Techweb, China’s State Administration for Industry and Commerce (SAIC) recently held a meeting with ten of China’s top ecommerce companies, including Alibaba and JD, to send a clear message: platforms must take steps before sales are publicized to ensure the deals are legit.
BEIJING, Oct. 19, 2014 / — JD.com, Inc.,China’s largest online direct sales company, today announced it has launched operations for the initial phase of its first highly automated “Asia No.1″ warehouse, located in Shanghai. JD.com launched the initial phase of its Asia No. 1 Shanghai warehouse on October 20, 2014. Comprising a total floor space of 100,000 square meters, the initial phase of the Shanghai facility will help increase JD.com’s logistics efficiency, particularly during peak periods such as the upcoming “Singles Day” period, one of JD.com’s biggest sales events of the year, which runs from November 1 to November 12.
JD.com, China’s second largest ecommerce site, today received a US$17.2 million investment from Singapore state-owned investment firm Temasek, according to a filing with the U.S. Securities and Exchange Commission. The investment would translate to a stake of 0.06 percent for Temasek, according to Bloomberg data. This comes hot on the heels of the ecommerce company’s US IPO earlier this year in May, where they raised US$1.78 billion. Temasek’s backing will no doubt further boost investor confidence in JD.com. At the same time, Temasek put US$12.8 million into Chinese security software firm Cheetah Mobile.
About two months after Tencent (HKG: 0700) purchased an 18 percent stake in it, Chinese ecommerce site JD (NASDAQ: JD) has finally been integrated into WeChat (or Weixin, as it’s known domestically), Tencent’s monster messaging app. Technode reports that a new “Shopping” tab appears under the app’s “Discover” page.
Another week, another Chinese tech IPO. The latest one lined up to hit US markets is JD, the estore that’s a close rival to Alibaba’s Tmall and other general ecommerce sites such as Amazon China. JD goes public today upon opening of Thursday’s trading. The company has just priced its shares at $19 each, which is above the initial $16 to $18 range it advised a few days ago, reports CNN Fortune. If it debuts at that price, JD will raise $1.78 billion from its listing.