Tencent-backed group buying platform developer Xingsheng Youxuan has formed a strategic collaboration with JD.com in lower-tier cities.
E-commerce group JD.com agreed on Friday to invest $700m in China-based group buying platform developer Xingsheng Preference Electronic Business, according to a securities filing.
Founded in 2014 and mainly known as Xingsheng Youxuan, the company oversees an online platform that allows customers in local communities across 14 Chinese provinces to buy groceries and household items at bulk in order to secure discounts.
Xingsheng Youxuan and JD.com intend to collaborate on technology, logistics and supply chain services across the country’s…
