An online e-commerce platform for commodity trading that aspires to become an internet-based information and transaction hub with a trillion-yuan ($151 billion) in target was established in Shanghai on Tuesday [19 December 2017], making it one of the first to offer customized real time information services for the trade. The platform, Shanghai Bailian Commodity E-commerce Co Ltd, is the commodity e-commerce arm of Shanghai’s State-owned conglomerate Bailian Group…Full Article: ECNS.cn Dec 2017
- According to managing director of Shanghai Bailian Commodity E-Commerce Co, the platform will only trade in oils and petroleum products at spot prices (not futures).
- In 2017, China had more than 1,200 e-commerce commodity platforms with an estimated annual transaction volume of more the CNY 30 trillion (~USD 4.26 trillion).
- In May 2017, Alibaba Group announced it would purchase Lianhua Supermarket (HKG:0980) shares from Yiguo.com, a fresh produce e-commerce platform (see Suning). Yigou.com will retain a 1.17% stake in Lianhua Supermarket (HKG:0980). Lianhua Supermarket (HKG:0980) is a subsidiary of Shanghai Bailian Group (SHA:900923; SHA:600827).
- In February 2017, Alibaba Group and Shanghai Bailian Group (SHA:900923; SHA:600827) agreed to form a partnership to establish brick-and-mortar retail stores in China.
- Founded in 1992 and headquartered in Shanghai, Shanghai Bailian Group (SHA:900923; SHA:600827) owns and operates supermarkets and convenience stores. Listed on the Shanghai Stock Exchange since 1993, Shanghai Bailian Group owns Lianhua Supermarket (HKG:0980).
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