Haier Terminates Partnership with 360Buy

ChinaVenture, 8/15/12

Song Bao, general manager of Chinese consumer electronics manufacturer Haier's e-commerce division, today said that the company has terminated its partnership with Beijing-based B2C e-commerce platform 360Buy due to its excessively low prices. Haier will continue to supply products to Suning (002024.SZ) and Gome (0493.HK) due to their integrated procurement.

A source within Haier's securities department said that while the company has been partners with Gome and Suning for years, it has never had a group-level cooperation agreement with 360Buy, but added that 360Buy could still procure Haier goods via the company's subsidiaries or authorized dealers. A spokesperson for Haier said that the company would respond to media requests for confirmation after conducting internal inquiries and contacting employees quoted in media reports.

Editor's Note: For more background on this topic, please see "360Buy to Maintain Zero Gross Profit on 3C for 3 Years" MD 8/14/12 issue.

Keywords: Song Bao consumer electronics e-commerce Internet B2C 360buy Gome Suning 3C Haier 002024.SZ 0493.HK home appliances

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