24 Nov 2009 09:46

360buy.com plans IPO on the Nasdaq in 2010

Beijing. November 24. INTERFAX-CHINA - Beijing Jingdong Century Trading Co. Ltd., the operator of a leading B2C (business-to-consumer) e-commerce platform, 360buy.com, plans to launch an initial public offering (IPO) on the Nasdaq in 2010, a Jingdong employee told Interfax on Nov. 24.

Liu Qiangdong, Jingdong's chief executive officer (CEO), predicts that the company will generate an estimated RMB 4 billion ($585.77 million) sales revenue in 2009 and an estimated RMB 10 billion ($1.46 billion) in revenue in 2010. The company will begin the IPO preparation process in early 2010.

According to Liu, 360buy currently receives approximately 25,000 orders per day, putting a heavy load on its call centers. The company recently built a national call center in Suqian City, Jiangsu Province with a staff of 150, which will be expanded to 400 in 2010.

Logistics and back office systems will also be revamped from the current network covering 24 cities to 300 cities in 2010.

Jingdong was founded on June 18, 1998. The company entered into e-commerce industry at the beginning of 2004 with the establishment of 360buy.com. which has become a popular site for the purchase of 3C goods (computer, communications good and consumer electronics) online.