invest 20 million yuan (about 3 million U.S. dollars) to found an
express company, according to media reports on Thursday.
The new express company, temporarily named as "Shanghai Yuanmai
Express Company", will be established in Shanghai, and sets branches
in several major cities, including Suzhou, Hangzhou, Tianjin,
Shenzhen, Nanjing, Wuxi, Ningbo. The company is currently offering a
reward for a better name, which should not be related to Chinese
character "Jingdong".
Jingdong Company, established in June. 18, 1998 by Liu Qiangdong,
boasts itself as the biggest online B2C company selling "3C products,"
namely computer, communication and consumer electronic products.
After a $21 million capital raising in Jan. 2009, the company aims to
improve its service and prepares for going public.
Logistics is regarded as the most important link in the B2C business
chain at present. China does not have very capable and competent
express companies as Sun Wenhai, a copartner of GGV,
said,"this(express) is really a headache" for B2C. It explains the
reason why Jingdong wants to establish an express company.
The name strategy leaves analysts imagination that whether the new
express company may also serve other B2C companies. It may be
Jingdong's new strategy and create a profit-making point. However an
insider of Jingdong denied the saying and said the express company
only serves the mother company.
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