Digital Sky Technologies,the Russian internet investment group that backed Facebook, has joined a group of investors committing hundreds of millions of dollars to 360buy.com, China’s largest online retailer.
The Financial Times said the interest in 360buy underlines the vast opportunity for online commerce in China, one of the largest and fastest-growing internet markets.
360buy has been described as the Amazon.com of China, was founded in 2004 by Qiangdong Liu, who remains its chief executive
DST already owns large stakes in some of the most successful US internet companies, including Facebook, Groupon and Zynga.
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