Jiuxian Lands RMB 200 Mln in Third-Round Funding
Netease Tech, 8/28/12
On August 27, Chinese wine and spirits B2C e-commerce site Jiuxian.com announced that it had received RMB 200 mln in third-round funding. Jiuxian VP Wang Xiuming said that the funding came as a joint investment by Beijing-based Rich Land Capital and other funds, with investment bank China Renaissance acting as independent financial adviser. Wang said Jiuxian has received the RMB 200 in its entirety.
According to Wang, Jiuxian.com's H1 2012 sales increased more than tenfold YoY. The company has set a sales target of RMB 2 bln for all of 2012, and will greatly narrow its losses for the year. Asked about the company's IPO plans, Wang said only that the company hopes to list "as soon as possible."
Editor's Note: For more background on this topic, please see "Jiuxian to Raise USD 200 Mln in Funding" MD 1/09/12 issue.
Keywords: sales volume B2C e-commerce Internet IPO funding China Renaissance sales target third-round Jiuxian Wang Xiuming profit loss alcohol
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