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Beijing-based 360buy.com inks RMB 2.3-bln purchase agreements

Jun. 8, 2012 (China Knowledge) - 360buy.com, China's second largest online retailer after Alibaba Group's Tmall, signed RMB 2.3 billion worth of purchase agreements with Vsens Co, Beijing Tenglong Shidai Co Ltd, HTC and Nokia at the China Beijing International Fair for Trade in Services last week.

According to the agreements, the online retailer giant will purchase communication electronic products such as smart phones and broadband cards from these companies.

During the fair, 360buy.com set up a 30 sq m pavilion, and implemented a series of promotional activities to enhance its branding and signed up large suppliers. Local media had reported the country's second largest online retailer may list in the U.S. stock market this year. Its sales exceeded RMB 30 billion or USD 4.7 billion last year.

In 2010, 360buy.com set up in Beijing E-Town, a triple-A rated industrial park which promotes the development of the industrial park's logistics and e-commerce industries. The online retailer giant had acquired two pieces of land in Beijing E-Town and aims to build Asia's largest distribution.

Last month, 360buy.com announced it had signed RMB 80 billion worth of purchase contracts with several household appliance makers including Hair, Gree, Panasonic and Samsung, China Knowledge reported earlier.






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