May 31, 2018 (China Knowledge) - China's Internet giant Alibaba will invest USD 720 mln in Huitongda Network, a rural e-commerce subsidiary of Jiangsu Five Star Appliances Co. Huitongda currently has presence in 18 provinces and more than 15,000 towns in China, establishing more than 80,000 franchised stores, and providing more than 400,000 job opportunities for farmers.
The two parties will cooperate to explore new retail samples in rural areas, enable more rural commercial organizations, build new ecological rural commerce and promote the development of rural economy. Alibaba's rural strategy is one of the long-term plans for Alibaba, said Zhang Yong, CEO of Alibaba.
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