Jun 18, 2018 04:28 PM
BUSINESS & TECH and Google Announce Global E-Commerce Solutions Deal Inc. has struck a deal with Google Inc., under which the U.S. search giant will invest $550 million in China’s second-largest e-commerce company, furthering both firms’ international expansion ambitions.

Google will buy 27 million newly issued shares of at $20.29 a piece, equivalent to $40.58 per American Depositary Share, based on the average trading price over the prior 10 trading days of the U.S.-listed company, according to a joint statement issued Monday.

The two companies plan to collaborate on a range of strategic initiatives, including joint development of retail solutions in Southeast Asia, the U.S. and Europe, it said. said it plans to make “a selection of high-quality products" available for sale through Google Shopping in multiple regions, without identifying the products.

The Chinese online retailer has been playing catch-up to its bigger rival Alibaba Group Holding Ltd. amid a brewing online shopping war in Asia, especially in the relatively new e-commerce markets of Southeast Asia.

In January, invested an undisclosed sum in Vietnamese e-commerce firm, backed by local entertainment and social media firm VNG Corp. as well as other investors such as Seedcom, Sumitomo Corp. and CyberAgent Ventures.

In Indonesia, kicked off a local online retail business two years ago and now boasts that it is the country’s largest retailer by revenue. It also struck a deal with top Thai retailer Central Group in September to form a $500 million e-commerce venture.

Under the Google deal, the two companies will explore the creation of “next-generation retail infrastructure solutions,” by applying’s “supply chain and logistics expertise and Google’s technology strengths,” the statement said.

"We are excited to partner with and explore new solutions for retail ecosystems around the world to enable helpful, personalized and frictionless shopping experiences that give consumers the power to shop wherever and however they want,” Google Chief Business Officer Philipp Schindler said in the statement.

Wang Qionghui contributed to this report.

Contact reporter Jason Tan (

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