In January 2016, the Company announced its Series B financing of US$3.3 billion, led by Tencent, DST, and Trustbridge. The financing was the largest private fundraising in China's internet industry and the world's largest fundraising on record in the O2O (online to offline) sector. China Resources' strategic investment further indicates strong market demand and bright industry outlook in internet plus business models, which combine traditional offline businesses with innovative and resourceful online platforms.
Sponsored by China Resources Group, CRE Alliance Fund I focuses on investments in the consumer and retail sector, and new technologies that enhance the development of traditional consumer and retail business, leveraging on the industry resources accumulated by its parent to invest in fast-growing industries and quality enterprises with leading brand and customer resources. Given its strong market position and rich client resources, Meituan-Dianping is a perfect match for the fund's investment strategy.
Thousands of off-line retail stores controlled by China Resources, including CR Vanguard, Suguo Supermarket, Tesco LeGou, Ole, Vango Convenient Stores, Pacific Coffee, CR Care, etc., will explore cooperation with Meituan-Dianping's online food delivery platform via Meituan, Meituan Waimai, and Dazhong Dianping mobile applications and provide a new retail experience to online users.
The cooperation between Meituan-Dianping, the largest lifestyle services e-commerce platform, and China Resources, a top Conglomerate in China, presents promising potential in combining traditional business with internet capabilities and offers more product categories and exceptional convenience to users nationwide.
"Similar to our cooperation with China Resources, we look forward to collaborating with outstanding enterprises in all industries and transforming traditional offline businesses to provide better user experience to both offline and online users by leveraging our industry expertise, big data analysis, and innovative LBS technology," said Meituan-Dianping.
China Resources believes O2O sector is an important development trend and it has been actively exploring strategic business opportunities and partnership in the sector. Meituan-Dianping offers one of the most comprehensive lifestyle service e-commerce platforms with leadership in multiple industries. China Resources' cooperation with Meituan-Dianping will establish an "internet + retail" business model and create synergies in operational efficiencies in both offline retail stores and delivery capabilities nationwide.
China Resources is one of the key 53 state-owned enterprises directly owned by the SASAC. The company was ranked 115th on the 2015 Fortune 500 list, covering various industries, including supermarket, cafe chain, food & beverage, beer, etc. The group is a leading player in the consumer and retail industry through its diversified and comprehensive product portfolio.
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