Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
Online Discounter Vipshop Acquires Offline Outlet Stores

By Shen Xinyue and Mo Yelin / Jul 11, 2019 12:49 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Chinese discount online retailer Vipshop has announced that it will pay 2.9 billion yuan ($422 million) to acquire brick-and-mortar chain Shan Shan Outlets, furthering its expansion into physical retailing.

Vipshop said the deal would help it “gain presence” in China's offline retailer business and strengthen its position in the domestic discount retail segment.

But investors were skeptical with stock in New York-listed Vipshop Holdings closing 7.51% lower on Wednesday.

Founded in 2008, the company counts internet giant Tencent and e-commerce company as stakeholders. Shan Shan Outlets is headquartered in eastern China’s Zhejiang province and operates five sites in China, with plans to open another five by the end of next year.

Related: Tencent, Take Stake in Discount Online Retailer

Share this article
Open WeChat and scan the QR code