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#1 2018-05-08 06:27:53

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Anthony Lopes Mundial Camisola

Richard Liu (C) Raphael Guerreiro Portugal Camisola , CEO and founder of China's e-commerce company JD, smiles before ringing the opening bell at the NASDAQ Market Site building at Times Square in New York May 22, 2014. [PhotoAgencies]
Chinese auto information website operator Bitauto Holdings Ltd said JD Inc and Tencent Holdings Ltd would invest about $1.3 billion in the company.

E-commerce company JD and Tencent, best known for its communications app WeChat, will also invest a total of $250 million in Bitauto unit YiXin Capital Ltd.

"The three companies will work together to provide enhanced online automotive transaction services to car buyers across China Fabio Coentrao Portugal Camisola ," Bitauto said.

The two companies will invest about $1.15 billion in new shares priced at $73.31 each. Each share represents one ADR.

JD, China's No 2 e-commerce company after Alibaba Group Holding Ltd, will invest $400 million in cash and about $750 million in resources to Bitauto, whose sites offer sales data and other information on new and used vehicles as well as customer reviews. Tencent will pay $150 million for its shares.

Tencent and JD will buy YiXin Capital series A preferred shares for $150 million and $100 million respectively.

JD and Tencent will hold 25 percent and 3.3 percent of Bitauto's outstanding shares respectively after the deal closes in the first half of 2015. JD will also get one seat on Bitauto's board.

The two companies will hold 17.7 percent and 26.6 percent of YiXin Capital respectively.

Online shopping is now a way of life for millions in China and they are buying ever-larger and more expensive items - sometimes even cars.

During the nation's busiest online shopping period of the year, the heavily promoted Singles' Day on Nov 11 Luis Neto Portugal Camisola , auto portal bitauto received 15,796 orders with a combined retail value of 1.87 billion yuan ($305 million).

On the same day, autohome recorded 37,117 orders worth over 6 billion yuan, more than double the orders it received on the same day in 2013.

Alibaba Group Holding Ltd has not released figures on auto sales Pepe Portugal Camisola , but its Taobao and Tmall portals had combined overall revenues of 57.1 billion yuan on the day.

But despite the enthusiasm, some question whether the numbers measure online auto sales or advertising. Even online buyers negotiate, pay and take possession of their cars at traditional brick-and-mortar stores.

But whatever the terminology, auto dealers did attract more potential customers on the day.

A total of 7,352 dealers in 368 cities participated in bitauto's sales campaign and many said they had more visitors.

"The biggest advantage of online platforms lies in attracting potential customers Bruno Alves Portugal Camisola ," Chen Hongsheng, a senior sales manager at automaker Zhejiang Geely Holding Group, told Tencent. He said Geely's online shops have tens of thousands of visitors each day while each of its brick-and-mortar shops attracts some 50 visitors daily.

"At the current stage, the main purpose of online shops is to attract potential customers."

Experts said another major purpose to go online is brand building, an approach used by Tesla when it announced in late October it would take online orders at Tmall.

Jack Huang Rui Patricio Portugal Camisola , associate partner at OC&C Strategy Consultants Greater China, said it is a smart move by Tesla because it positions the brand as customer-centric, progressive and technology driven. "By launching on Tmall, Tesla is playing up to the brand's image of transparency as well as the company's direct-to-consumer approach."

But Michael Ning, vice-president for corporate communications at Volvo Car China Portuguesa Mundial Camisola , said the dealership experience is still essential to car buyers.

"Few customers would be willing to buy a new vehicle online without touching it," said Ning.

He said buying a car is not like buying a book, so customers want to see, touch, drive and get their family's approval on the selection - all processes require a physical location.

Shanghai GM Buick joined with Tmall to promote online car sales during the Singles' Day shopping promotion on Nov 11 Portuguesa Futebol Camisola ,2014. [Photo Provided to China Daily]

Nicholas Speeks, president and CEO of Beijing Mercedes-Benz Sales Service Co Ltd, said online sales have a long way to go before they are truly significant in the market.

He said Benz websites have many registered users "but they seldom pay deposits online because they want to test drive and experience our models in traditional stores".

"Of course, we have our online platforms and we will go forward with the actual conditions," he added.

BANGKOK, Feb. 16 (Xinhua) -- Assets of accused former prime minister Yingluck Shinawatra can be seized without court ruling, Deputy Prime Minister Wissanu Krea-ngam was quoted by Thai media as saying on Thursday.

Wissanu was responding after the ousted ex-prime minister Wednesday criticized his remarks on her face book page.

"I don't understand why the government's legal experts expressed their own opinions to order the action. It's not fair. They already knew that I'm now seeking an injunction to block the seizure from the court," Yingluck posted on her Facebook account, adding that the comments would make the society lose hope in the Thai justice system.

Yingluck recently filed a petition to the Central Administrative Court asking for revocation of an executive order to seize assets worth 1 billion U.S. dollars.

She also asked the court for an injunction to block the government from seizing her assets pending the review of the case.

Wissanu, who oversees the country's legal affairs on Tuesday ordered agencies to proceed with the seizure of Yingluck's assets and not to wait for the court's ruling.

He said if the court ordered an injunction later, the government did not need to return the seized assets.

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2018-05-08 06:27:53

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