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US search giant Google will be investing $550m in cash in China’s e-commerce powerhouse JD.com to expand its presence in fast-growing Asian markets.
The two companies described the investment as one piece of a broader partnership that will include the promotion of JD.com products on Google’s shopping service.
“We are excited to partner with JD.com and explore new solutions for retail ecosystems around the world to enable helpful, personalized and frictionless shopping experiences that give consumers the power to shop wherever and however they want,” Philipp Schindler, Google chief business officer, said in a statement.
For JD.com, the deal shows its determination to build a set of global alliances as it seeks to counter Alibaba, which has been more focused on forging domestic retail tie-ups.