Shiji Retail introduced in strategic investor ALIBABA SJ INVESTMENT LIMITED

February 8, 2018, Beijing - Shiji has signed the Stock Purchase Agreement with ALIBABA SJ INVESTMENT LIMITED (“Ali SJ” below) which is the wholly owned subsidiary of Alibaba Group. The deal is to sell 38% shares of the Shiji Retail Information Technology Co. Ltd. (“Shiji Retail” below), which is the integrated subsidiary of Shiji to Ali SJ and/or its relevant party at the price of 486 Million $US dollars. Shiji has also signed the Strategic Partnership Frame Agreement with Taobao (China) Software Company Ltd., to carry out in-depth cooperation on New Retail business with Alibaba Group via Shiji Retail and its stock control company Shenzhen SISS Software Company Ltd.
 
Shiji is at a pivotal stage in transition from software supplier to big data driven consumer application service platform operator, during which Globalization and Go Platform are the key strategies. The introduction of investment by Ali SJ into Shiji Retail and the Strategic Partnership Frame Agreement signed with Taobao (China) will be helpful for the Company to realize the goals of both Go Platform and Globalization, in the capacity of either business and technology parallels or financially supported, scalable development. The relationship brings complementary advantages to enhance business and technology synergies, at the same time accelerating the resource integration of Shiji retail business to ensure the establishment of Shiji as a leader in the “next generation” retail information system industry, taking advantage of an existing client base and robust, accumulated market strengths. More...