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In a bid to fuel the company’s growth， Chinese e-commerce giant 360buy sold a $400-million stake to a Saudi Arabian company.
Kingdom Holding Co. （KHC）， which is owned by billionaire Al-Waleed bin Talal， a member of the Saudi royal family， led the stake acquisition， 360buy said on February 16.
The acquisition was part of 360buy’s fourth round of financing， which has raised a total of$700 million.
The other three rounds occurred in 2007， 2008 and 2011， which raised $10 million， $21 million and $1.5 billion， respectively.
The main investors in this round included KHC， the Ontario Teachers’ Pension Plan in Canada and other major 360buy shareholders.
360buy’s sales volume exceeded 60 billion yuan （$9.63 billion） in 2012 and is expected to top 100 billion yuan （$16 billion） this year.
Heading Southwest
The world’s largest convenience store company， 7-Eleven， plans to expand in southwest China.
It’s reported that the company will open stores in Chongqing Municipality later this year.
7-Eleven has already opened 90 stores in Chengdu， capital of southwest China’s Sichuan Province. It plans to increase the number to 140 this year.
7-Eleven has 40，000 stores around the world， with more than 1，800 on the Chinese mainland and about 8，030 in the United States and Canada.
Kingdom Holding Co. （KHC）， which is owned by billionaire Al-Waleed bin Talal， a member of the Saudi royal family， led the stake acquisition， 360buy said on February 16.
The acquisition was part of 360buy’s fourth round of financing， which has raised a total of$700 million.
The other three rounds occurred in 2007， 2008 and 2011， which raised $10 million， $21 million and $1.5 billion， respectively.
The main investors in this round included KHC， the Ontario Teachers’ Pension Plan in Canada and other major 360buy shareholders.
360buy’s sales volume exceeded 60 billion yuan （$9.63 billion） in 2012 and is expected to top 100 billion yuan （$16 billion） this year.
Heading Southwest
The world’s largest convenience store company， 7-Eleven， plans to expand in southwest China.
It’s reported that the company will open stores in Chongqing Municipality later this year.
7-Eleven has already opened 90 stores in Chengdu， capital of southwest China’s Sichuan Province. It plans to increase the number to 140 this year.
7-Eleven has 40，000 stores around the world， with more than 1，800 on the Chinese mainland and about 8，030 in the United States and Canada.