Newegg to Invest USD 70 Mln in New China Operation Base
China Business News, 3/05/10
Executive VP Li Shiji of B2C e-commerce site Newegg says the website will reorganize its national logistics structure in China. A spokesperson for the Shanghai Jiading Industrial Zone revealed that Newegg will invest USD 70 mln to construct a new base of China operations.
Li said that warehouses in the Jiading industrial zone will be the core of Newegg's new logistics system, covering major warehouses in Beijing, Guangzhou, Nanjing, Jinan, Chengdu, Wuhan, and Xi'an. Newegg's national logistics center in Jiading will be able to store more than 40,000 different types of products, allowing for faster shipments. Newegg's construction in Jiading will be divided into two phases, covering 12.5 acres and 4.5 acres respectively, comprising an e-commerce park containing Newegg's China headquarters, R&D center, national billing center, and national logistics center.
Newegg China president Zou Guoqing said the company will expand its offerings beyond the 3C, home electronics, and IT products categories. He added that Newegg saw more than fourfold growth last year.
A spokesperson for Newegg said the company's price comparison system was capable of monitoring product prices on more than a dozen e-commerce sites.
Editor's Note: Newegg global executive VP Li Shiji revealed that Newegg plans to list within the year, after having already submitted its IPO application last September.
Keywords: Li Shiji e-commerce Internet IPO Newegg B2C Jiading Zou Guoqing IT products consumer electronics
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