11-Apr-19, KrAsia
JD.com’s 7Fresh and Yonghui Superstores are set to co-invest RMB 5 billion (nearly USD750 million) in Thailand to establish a direct sourcing and distribution line for tropical fruits.
%20KrAsia.jpg "JDcom and grocery giant Yonghui plough USD 750 million into Thai fruits (c) KrAsia")
Image: KrAsia
7Fresh is an offline fresh-food store launched by JD.com in January 2018, and a direct rival to Alibaba’s Hema supermarket chain, while Yonghui Superstores is one of China's largest and most established supermarket chains. The Shanghai-listed grocer counts Tencent as a 5% stakeholder. Tencent also owns a 20% stake in JD.com.
In addition, 7Fresh has signed an MOU with several Thai agricultural brands to purchase RMB 1.5 billion (USD223 million) worth of durians, mangosteens, longans, and coconuts over the next three years.