360Buy CEO: No Intention to Enter Offline Market

Ebrun, 11/22/12

Liu Qiangdong, CEO of Beijing-based B2C e-commerce platform 360Buy, confirmed today that the company had officially acquired third-party online banking and payment services firm Chinabank Payments (Beijing) Technology. Liu denied that 360Buy had any intentions of expanding into the offline market: "Five years ago, I said we would never expand offline, and I still stand by that today." Liu said that 360Buy would see total transactions of around RMB 60 bln for 2012, adding that the company's POP open platform has grown to a scale of more than RMB 10 bln and could grow to several dozen bln RMB next year.

Keywords: Liu Qiangdong e-commerce Internet B2C 360buy open platform Chinabank Payment transaction volume online payment online banking M&A

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