18-Jun-18, Channel News Asia
Google will invest USD550 mn in Chinese e-commerce powerhouse JD.com, part of the US Internet giant's efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com.
%20Channel%20News%20Asia.jpg "Google to invest USD550 mn in Chinese e commerce giant JDcom (c) Channel News Asia")
Image: Channel News Asia
The two companies described the investment as one piece of a broader partnership that will include the promotion of JD.com products on Google's shopping service. This could help JD.com expand beyond its base in China and Southeast Asia and establish a meaningful presence in US and European markets.
The company said the agreement initially would not involve any major new Google initiatives in China, where the company's main services are blocked over its refusal to censor search results.
For JD.com, the Google deal shows its determination to build a set of global alliances as it seeks to counter Alibaba, which has been more focused on forging domestic retail tie-ups.