Chinese real estate group Wanda and third-party Internet payment company 99Bill jointly announced that the two parties have reached a final agreement on a strategic investment.
According to 99Bill, the company's transaction volume in 2014 was over CNY2 trillion. They cooperate with over 200 financial organizations and have 3.6 million corporate partners. After the acquisition, 99Bill will maintain its independent operation and Guan Guoguang will continue the roles of chairman and chief executive officer of 99Bill.
By collaborating with Wanda e-commerce, 99Bill will become the payment platform of Wanda e-commerce in the future. With consumer data accumulated via years of operation, 99Bill will help Wanda e-commerce establish a large direct marketing membership system and provide big data services.
Meanwhile, all business sectors of Wanda Group will use 99Bill payment platform and they will launch incentive measures to encourage the use of 99Bill by vendors and members. With the cooperation, 99Bill's transaction volume is expected to increase by hundreds of billions of RMB each year.
In addition, 99Bill will become the backbone of Wanda's financial sector and Wanda will build a complete financial industrial chain around it. If successful integrating 99Bill's existing offline customer traffic, Wanda may become the largest O2O company in China.
The financial details of the deal have not been disclosed yet. However, an insider revealed that Wanda invested about CNY2 billion in this acquisition.