Chinese e-commerce giant JD.com announced Monday it has secured investment worth 550 million U.S. dollars from Google as part of a new strategic partnership between the two leading tech companies.
Google will obtain around 27.1 million newly issued Class A ordinary shares of JD.com at an issue price of 20.29 U.S. dollars per share.
The two companies will jointly explore retail business in regions around the world, including Southeast Asia, the United States, and Europe, according to the statement. The cooperation will combine the advantages of JD.com in supply chain and logistics and Google's technology strengths.
JD.com also plans to make a selection of products available for sale through Google Shopping in multiple regions.
"This partnership with Google opens up a broad range of possibilities to offer a superior retail experience to consumers around the world," said JD.com's Chief Strategy Officer Jianwen Liao. "This marks an important step in the process of modernizing global retail."
JD.com, a leading e-commerce platform in China, is celebrating its annual online shopping festival, with orders worth 127.5 billion yuan (19.83 billion U.S. dollars) made from June 1 until just after midnight Monday morning.