ITOCHU Announces Official Signing of Joint Venture Contract toward Starting a Cross-border E-Commerce Business in China
October 19, 2015
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that five companies – ITOCHU, CITIC Group Corporation (headquartered in Beijing, China; Chang Zhenming, Chairman; hereinafter “CITIC”), Charoen Pokphand Group Company Ltd. (headquartered in Bangkok, Thailand; Dhanin Chearavanont, Chairman; hereinafter “CPG), China Mobile Communications Corporation (headquartered in Beijing, China; Shang Bing, Chairman; hereinafter “China Mobile”), the leading mobile carrier in China, and Shanghai Information Investment Inc. (headquartered in Shanghai, China; Yadong Liu, Chairman; hereinafter “SII”), a company affiliated with Shanghai Municipality, have been negotiating the necessary terms to start a joint venture following the basic agreement in April of this year. This time, an official signing of the joint venture contract took place, marking a move toward starting a cross-border e-commerce business in China, with the base located in the Shanghai Pilot Free Trade Zone.
With the official signing of the joint venture contract, the five companies will offer services on a trial basis as soon as November, ahead of the launch of a full-fledged service. Specifically, their policy is to begin with around 250 items centered on food products, daily consumables and sundries, maintain and improve service levels while working on a gradual expansion. ITOCHU will continue to hold discussions with the four companies and will aim to offer highly dependable services that customers would be able to purchase with a peace of mind.