Tencent Tech, 1/23/10
VP Xu Lei of Chinese online retailer 360Buy confirmed that his company had received a third round of funding. Xu said that the funding is separate from 360Buy's IPO plans, and will be used primarily to expand operations.
An informed source revealed that 360Buy will hold a press conference this Friday at which CEO Liu Qiangdong will announce plans for the funding and for the future of the company.
360Buy reported that it had maintained a 300% growth rate in 2009 with sales for the year totaling RMB 4 bln.
Editor's Note: For more background on this topic, please see "Rumor: 360Buy to Raise USD 100 Mln" MD 12/17/09 issue.