TravelNews

[Travel News]: Shiji jumps after Ant Group invests $68.6 million in retail system unit Sixun

TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.

The following is the [Travel News]: Shiji jumps after Ant Group invests $68.6 million in retail system unit Sixun from [Yicai] recommended by TheTourAttraction.com:

Alibaba acquired 13 percent of Shiji IT’s shares for RMB 2.4 billion (USD 370 million) in 2014 to become its second-largest shareholder.

Shares of Shiji Information Technology surged after it said that Ant Group’s venture capital unit will invest RMB 450 million (USD 68.6 million) in the former’s retail software unit.

Yunxin Venture Capital will buy a 6 percent stake in Sixun Software from Shiji IT for RMB 270 million and more from another seller to have 10 percent of the total, the Beijing-based parent said in a statement yesterday. Shiji IT will keep 67.2 percent of the equity after the deal.

The deepening partnership can help Sixun Software to rely on Ant Group’s ecosystem and give it a competitive edge in retail digitalization and the Internet of Things to strengthen its positioning, according to the statement.

Founded in 2004, Sixun Software makes applications for retailers. In the first half of 2020, it raked in RMB 4.5 million (USD 686,541) in net profit. Its operating income was RMB 130 million. In 2014, Shiji IT bought a 75 percent stake in it.

The companies have underlying links. Alibaba’s Taobao China Software acquired 13 percent of Shiji IT’s shares for RMB 2.4 billion (USD 370 million) in September 2014 to become its second-largest shareholder. The two have cooperated in the fields of hospitality, catering, retail, and payments.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button