360Buy Considers Acquiring 3rd-Party Payment Company
Sohu IT, 4/02/10
Liu Qiangdong, chairman and CEO of Chinese B2C e-commerce site 360Buy, says sales volumes will grow to at least RMB 10 bln and RMB 20 bln this year and next, with 360Buy's share of the B2C e-commerce market to expand from its current 20% to more than 35%.
Liu said that 360Buy's investors hope for the company to list next year, but that company management has yet to make any preparations for a listing. 360Buy employees hold more than 10% of the company; Liu declined to reveal what proportion of the stock he himself held, or what investors hold, but said that 360Buy would not seek further financing before its IPO.
The company could also plan, once government regulatory policy becomes clear, to acquire a third-party electronic payment processing company.
Liu revealed that 360Buy plans to add a new Food and Beverages category to its listings. The company is currently in talks with a number of major food wholesalers and companies, including Coca-Cola and Chinese juice makers Huiyuan, Wahaha, and Tongyi. 360Buy has also set up warehouses in Beijing, Shanghai, and Chengdu that will be used to store foodstuffs. Liu predicted that within the next two to three years, food and beverages could account for about 8% of 360Buy's overall revenues, while daily-use and general goods will comprise 15%-20% of revenues.
Keywords: third-party payment forecast sales volume Liu Qiangdong e-commerce Internet B2C 360buy revenue M&A
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