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CHINA BRIEF | JD.com invests USD 63.5 million to gain 7.4% stake in tourism company Caissa
This investment also marks JD.com's foray into the tourism industry, which is being hard hit by the COVID-19 pandemic.
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IoV refers to vehicles communicating in real time with drivers, pedestrians, other vehicles, roadside infrastructure, and fleet management systems.
The Cadillac XT5 model starts at over USD 46,000, but Pinduoduo promises discounts of USD 14,000.
The global beauty and personal care product market is expected to hit USD 756.63 billion by 2026.
The move comes after major tech companies like Tencent, Ant Financial, and Meituan have all launched similar platforms.
Over 240 million users have bought agricultural products on Pinduoduo last year, amounting to USD 19.3 billion in sales.
The company said its 1.4% quarterly revenue increase is in line with expectations.
The investment will help businesses speed up digital transformation to recover from the COVID-19 pandemic.
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