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Richard Liu’s annual tradition stems from his gratitude to the villagers who supported him when he left for Beijing to attend China Renmin University in 1992. In the early 1990s, his fellow villagers pooled 500 yuan (US$70) and 76 eggs to help him fund his university education.
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The US retailer is offering 144.5 million shares in a $24.85 to $25.85 price range, the people said, asking not to be identified because the information is private. Morgan Stanley is the broker-dealer of the offering, they added
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Chinese e-commerce group JD.com Inc confirmed on Monday that it was looking at Currys, after a report in The Times newspaper said that another bidder, U.S.-based investor Elliot Advisors, was considering a higher offer.
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When asked about the closure, a spokesperson for JD.com said in a statement that the company will continue to serve global markets, including Southeast Asia, through its supply chain infrastructure.
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The e-commerce giant made the announcement in an internal letter, that was circulated online and reported by local media. A JD representative confirmed to Reuters that the letter was authentic.
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The deal follows Tencent’s sale of a $16.4 billion stake in JD.com to Walmart Inc last year and extends an existing partnership with the WeChat owner.
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Chinese shoppers purchased 379.3 billion yuan ($56.48 billion) of goods on JD's platform over the "618" period, it said on its official WeChat account.
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Tencent said on Thursday it was the right time to transfer its stake given that JD.com has reached a stage it can self-finance its own growth. The owner of WeChat will see its stake fall to 2.3% from around 17%.
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Enterprises involved in the cases would be fined 500,000 yuan ($78,000), it said.
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This year’s festival will be closely watched as a barometer of consumption in China, which is just beginning to bounce back from the coronavirus pandemic after months of lockdown earlier in the year.
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China's Alibaba Group Holding and JD.com Inc have invested heavily in offline retail - bricks-and-mortar stores - in recent years to complement their online offerings.
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Under the deal, JD.com will take ownership from Wal-Mart Stores of the Yihaodian brand, website and app. Wal-Mart will continue to run the Yihaodian direct sales business.
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The State Administration for Industry and Commerce (SAIC) plans to step up random quality checks for goods bought online, according to a statement on the regulator's website. The SAIC will take into account consumer reports, and press for cooperation from e-commerce platforms.
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The Chinese e-commerce giant clocked its second billion by the time the first 17 minutes and 29 seconds of the retail extravaganza had passed, and by the first hour, it had clocked up USD 3.9 billion in gross merchandise volume (GMV).
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Alibaba, China's biggest e-commerce firm, has previously denied accusations outlined in a JD.com letter to the State Administration for Industry and Commerce (SAIC) in the run-up to November 11 'Singles' Day' promotions, the biggest online shopping day of the year in China.
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The complaint concerns a State Administration for Industry and Commerce (SAIC) regulation that forbids e-commerce platforms from limiting or barring their merchants from participating in promotions on other platforms. The regulation came into effect on October 1.
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JD-ZestFinance Gaia, as the joint venture will be known, will use the US firm's machine learning technology to analyse JD.com's online shoppers' data and churn out a credit risk score, according to a joint press release on Friday.
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Alibaba`s IPO has been the subject of much anticipation this year, with many analysts viewing the company as an ideal way to tap into China`s fast-expanding e-commerce sector.
