Chinese home appliance retailer Suning Commerce Group is leading a $200 million round of new fundraising in Yiguo.com, a fresh produce e-commerce platform backed by Alibaba Group Holding Ltd, bringing the total of Yiguo’s fundraising in 2016 to $500 million. Zhang Ye, CEO of Yiguo, said the funds raised will be used to develop its supply chain capacities, logistics infrastructure and distribution channel expansion…Full Article: ECNS.cn Dec 2016
- The CEO of Yiguo expects his company to be profitable by 2018.
- In November 2016, Alibaba’s Tmall (November 15th to 21st) and Yiguo.com (November 17th to 30th) held online promotions for Ecuadorian mangoes (Tommy Atkins variety).
- In October 2016, Yiguo E-Commerce invested S$24 (~US$17.25 million) in SunMoon Food Company, a Singaporean fresh fruit distributor. During the same month, Suning and Alibaba announced they would jointly invest CNY 1 billion (~US$148 million) to establish an e-commerce company in Chongqing. The Chongqing e-commerce joint venture will be 51% controlled by Suning (CNY 510 million or ~US$75.1 million) and 49% by Alibaba (CNY 490 million or ~US$72.3 million).
- In September 2016, it was reported that the Suzhou Yangcheng Lake Crab Association signed a mitten crab distribution agreement with Suning.com. JD.com and Alibaba’s Tmall.com also stated they are selling authentic Yangcheng Lake crabs.
- In June 2016, the Dutch dairy, Royal FrieslandCampina, partnered with Suning Commerce Group (Chinese retailer) to sell dairy products in China. Royal FrieslandCampina hopes to expand their market penetration in the provinces of Anhui, Henan, Hebei, and Gansu. During the same month, Alibaba’s Taobao acquired just under 20% of (~1.8 billion shares for CNY 28.2 billion) of Suning.
- In March 2016, Baijiu liquor producer, Wuliangye, and Suning Holdings announced a collaboration agreement, the result of which would allow Wuliangye to distribute its products within Suning’s ~2,000 brick-and-mortar stores. Additionally, Wuliangye products will be sold on Suning.com.
- Founded in 2005 and headquartered in Shanghai, Yiguo E-Commerce is an e-commerce platform that focuses on selling of food products including fruits (domestic and imports), meat (e.g. beef, pork, lamb), poultry eggs, dairy, seafood, vegetables, processed foods (e.g. snacks, frozen food, sausages, sauces, etc.), juice, and wine. In March 2016, Yiguo E-Commerce received an undisclosed amount of financial investment from KKR (private equity firm) and Alibaba (shareholder of Yiguo).
Hong Kong Trends