Tencent-backed E-commerce Platform Pinduoduo Files For $1B US IPO

Walnut Street Group Holding Ltd., which operates Chinese e-commerce platform Pinduoduo, seeks for a US$1 billion initial public offering in the U.S., according to its IPO prospectus. The document confirms Pinduoduo’s IPO rumour reported by China Money Network earlier this week. Founded in 2015 by former Google software engineer Colin Huang, Pinduoduo allows users to participate in group buying deals, mostly through Tencent’s WeChat. It targets low-income consumers from lower-tiered cities in China. In 2017, its gross merchandise value (GMV) …

Why Did Google Invest In China’s JD.Com? Here’s What Experts Think

News came yesterday that Google would invest US$550 million in cash in China’s second largest retailer JD.com Inc., as part of a strategic partnership. The two partners plan to collaborate on a range of strategic initiatives, including joint development of retail solutions and making some products of JD.com available for sale through Google Shopping channels in multiple regions.

Google Makes $550M Strategic Investment In JD.COM

Google will invest US$550 million in cash in China’s second largest retailer JD.com Inc., as part of a strategic partnership, according to JD.com’s announcement. The deal marks JD.com’s latest globalization efforts to rival Alibaba Group Holding and amazon.com Inc. In February, CEO Richard Liu announced plans to invest at least 1 billion Euro to build a logistics network in France. In April, JD.com launched its Spanish website joybuy.es to target 400 million Spanish-speaking users. Last year, the company formed a …