Chinese B2C e-commerce group JD is reportedly negotiating with Thailand’s leading retailer Central Group as it aims to establish an e-commerce joint venture with expected total investment of USD500 million.
This joint venture will help JD expand into other Asian overseas markets and better compete with Alibaba and Amazon.
At present, nearly all of JD’s overseas investments are focused on Indonesia, including the investment in Indonesia’s e-commerce platform Traveloka.
JD’s chief executive officer Liu Qiangdong said during an interview in June that JD planned to invest in Thailand before the end of 2017 to expand its overseas business. In the future, Thailand would become the center of JD’s Southeast Asia business and it would assume the responsibilities to serve other countries in Southeast Asia, including Vietnam and Malaysia.
An insider revealed that the joint venture will focus on e-commerce and financial business. However, the two parties have not yet reached an agreement due to ownership dispute.