360Buy May Call Ceasefire in 3C E-Commerce Price War
Tencent Tech, 8/17/12
In an interview with Caijing this morning, 360Buy CEO Liu Qiangdong said that the Beijing-based B2C e-commerce platform intends to call a ceasefire in the ongoing e-commerce price war. Liu said that 360Buy had managed to draw away some customers from home appliance and consumer electronics retailers Gome (0493.HK) and Suning (002024.SZ), noting that Suning's share price has fallen considerably over the past half-year, and that "we made it fall another 20%."
Discussing 360Buy's next round of financing, Liu said that if the vicious price war can be brought to an end, then 360Buy will IPO without raising any further funding. Should the price wars continue, the company will shelve its IPO plans and continue seeking new funds.
Editor's Note: On his personal microblog account, Liu said that reports of 360Buy "unilaterally calling a ceasefire in the price war" was a misreading, and that the price war would never end.
Keywords: Liu Qiangdong consumer electronics e-commerce Internet IPO funding B2C 360buy Gome Suning 002024.SZ 0493.HK home appliances pricing
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