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Chinese online alcohol seller Jiuxian adds US$80m to investment haul

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China’s leading online alcohol retailer Jiuxian has secured an extra CNY500m (US$80m) in funding ahead of an expected listing on a new Chinese stock market.

The company, which has already raised CNY930m in previous fundraising rounds, said the new money will go towards expanding market share and developing an "online-to-offline" business. The money is from Merrysunny Wealth and other "institutional and individual investors", Jiuxian said.

Chairman Hao Hongfeng said the investment was "the largest in the entire alcohol e-commerce sector" and increases the value of the website to CNY6.5bn.

Hao also said the company is expected to apply for a listing on China's new over-the-counter equities market within the next month. The move should allow Jiuxian to eventually list on Hong Kong's GEM board or on the Strategic Emerging Industries Board, a new alternative stock exchange being built by the Shanghai Stock Exchange.

According to TechAsia, Jiuxian will invest in an on-demand wine and beer delivery service called Jiukuaidao. The service would use existing bricks-and-mortar alcohol shops to reach consumers, meaning delivery times could be as low as 20 minutes.

China's stock market is currently under pressure, with share prices dipping dramatically. However, Remy Cointreau said in July the changes had not impacted consumer demand for Cognac.


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