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Singapore — Google will invest $550m in Chinese e-commerce powerhouse JD.com, part of the US internet giant’s efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com.
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.
This could help JD.com expand beyond its base in China and Southeast Asia, and establish a meaningful presence in US and European markets.
Company officials said the agreement initially would not involve any major new Google initiatives in China, where the company’s main services are blocked over its refusal to censor search results in line with local laws.
JD.com’s investors include Chinese social media powerhouse Tencent, the arch-rival of Chinese e-commerce leader Alibaba. Walmart is also an investor, and JD.com has a partnership with French retail giant Carrefour.
Google is stepping up its investments across Asia...
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