Marbridge Daily

<- October 29, 2012 ->

360Buy Acquires Chinabank Payments

Sohu IT, 10/29/12

According to a recent filing with China's State Administration for Industry and Commerce (SAIC), the legal representative of third-party payment service provider Chinabank Payments (Beijing) Technology has been changed to Liu Qiangdong, CEO of Beijing-based B2C e-commerce platform 360Buy, indicating that 360Buy has acquired the firm. The limited liability company has RMB 100.5 mln in registered capital, and previously listed its CEO Zhao Guodong as its legal representative. According to a source within 360Buy, the company is developing a third-party payment platform which it will launch soon if all goes according to plan.

According to an anonymous source at 360Buy, Chinabank's platform is already being connected to 360Buy's, and Zhao has attended senior management meetings at 360Buy.

One industry source, while unable to provide exact figures, said the acquisition price was "not at all low."

Editor's Note: For more background on this topic, please see "Rumor: 360Buy to Acquire Third-Party Payment Provider" MD 9/27/12 issue.

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