Jingdong Mall Raises $40Mln in New Funding From Canada's OTPE,Tiger Fund11-13 16:09 Caijing
Jing Dong Mall or 360buy, a major e-commerce giant in China, announced Tuesday that it has secured 400 million U.S. dollars in new funding in its latest fundraising round at a valuation of roughly 7.25 billion U.S. dollars.
The new round was headed by Canada's Ontario Teacher Pension Fund, who invested 250 million U.S. dollars in the online retailer, and followed by Tiger Fund, one of the previous investors of Jingdong.
The e-commerce giant, which competes with Alibaba's Taobao and Dangdang, refused to give more details about the new fund-raising when queried by Caijing reporters.
The last time Jingdong was financed was in April 2011, with investors including Tiger Fund, DST, Sequoia Capital and Wal-Mart. The company was enabled to access 1.5 billion U.S. dollars worth of financing and priced at 10 billion U.S. dollars in valuation, it said.
Jingdong expected itself to be priced in the 10-12 billion range at May's sales meeting in Hong Kong. That compared with a valuation of 6 billion U.S. dollars given by brokers at last.
Jingdong founder and CEO Liu Qiangdong had indicated to tap the private market for funding and possibilities to delay a proposed initial public offering during an intervewi with Caijing earlier in August when Chinese leading electronic online retailers including Gome, Suninga and Jingdong waged a cut-throat price war against each other.
Jingdong has been facing capital strains even before the melee this year. It is not easy for Jingdong to have scored 400 million of financing amid unfavorable capital market conditions, said analyst Lu Zhenwang. He added though Jingdong was still facing big challenges as it has to continue paying heavily on logistics constructions, and dealing with losses.
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