51Buy Announces Details of Jingdong Merger
Sina Tech, 3/26/14
Chinese internet and mobile services firm Tencent's (0700.HK) consumer electronics B2C e-commerce site 51Buy has revealed details of how the company's recent merger with Beijing-based B2C e-commerce platform JD.com (Jingdong) will affect 51Buy employees, stating that "nobody will be let go," and confirming that all 51Buy employees transferring to Jingdong will be paid a continuation bonus equivalent to 5 times their monthly salaries.
After the merger, 51Buy will continue to operate as an independent brand. Tencent's PaiPai C2C marketplace business will continue operations unchanged, while Tencent's QQ Buy B2C business will be merged into Jingdong's POP (Plan of Open Platform) open platform business.
Jingdong will establish a wireless research center and mobile business division in Shanghai and Shenzhen, respectively, and will utilize Tencent's WeChat (Weixin) and Mobile QQ mobile messaging applications following the merger to boost its m-commerce business.
Editor's Note: Although 51Buy is still a subsidiary of Tencent, integration has begun between 51Buy and Jingdong. For more information on this topic, please see "Tencent Acquires 15% Stake in Jingdong," MD 3/10/14 issue.
Keywords: e-commerce m-commerce Paipai Internet wireless B2C C2C Tencent Mobile QQ 0700.HK QQ Buy WeChat 51Buy Jingdong M&A mobile IM
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