yoga mats : Website receives venture capital
China's version of amazon.com, received a venture capital investment last Friday, probably the last VC investment before a long-awaited initial public offering on Nasdaq, the Beijing-based online retailer disclosed yesterday.
The investment figure, which Dangdang declined to reveal yesterday, was US$30 million and investors have 12 percent of dangdang.com now, according to sohu.com, quoting Li Guoqing, dangdang's co-president.
Dangdang will use the funds to prevent potential financial risk and for further development, according to the Website, which sells heavy-discounted books and audio and video products online.
"That was the last external investment for the company and it is preparing for the IPO overseas," said Lu Weigang, an independent Internet observer.
Dangdang, founded in 2000, has been planning to get listed on Nasdaq for two years.
The company will invest at least 400 million yuan (US$49 million) to expand further and will put more products online, Peggy Yu, Dangdang's co-president, said in a previous interview in Shanghai.
Dangdang.com has added products recently to its Website, such as yoga mats, nose-hair cutters and cosmetics.
Online retailing is a booming industry in China as about 20 percent of the nation's 113 million Internet users shop online frequently, according to a report by the China Internet Network Information Center, or CNNIC.
by Zhu Shenshen
The investment figure, which Dangdang declined to reveal yesterday, was US$30 million and investors have 12 percent of dangdang.com now, according to sohu.com, quoting Li Guoqing, dangdang's co-president.
Dangdang will use the funds to prevent potential financial risk and for further development, according to the Website, which sells heavy-discounted books and audio and video products online.
"That was the last external investment for the company and it is preparing for the IPO overseas," said Lu Weigang, an independent Internet observer.
Dangdang, founded in 2000, has been planning to get listed on Nasdaq for two years.
The company will invest at least 400 million yuan (US$49 million) to expand further and will put more products online, Peggy Yu, Dangdang's co-president, said in a previous interview in Shanghai.
Dangdang.com has added products recently to its Website, such as yoga mats, nose-hair cutters and cosmetics.
Online retailing is a booming industry in China as about 20 percent of the nation's 113 million Internet users shop online frequently, according to a report by the China Internet Network Information Center, or CNNIC.
by Zhu Shenshen
