Alibaba to pick $290m stake in wine importer 1919.cn

Photo by Kym Ellis on Unsplash

Chinese e-commerce giant Alibaba Group Holding Ltd will invest 2 billion yuan ($288.25 million) in domestic wine and spirits importer and retailer 1919.cn to tap into resurgent demand for imported wine in China.

The wine and spirits platform, listed on China’s over-the-counter equities exchange, said in a statement to the National Equities Exchange And Quotations (NEEQ) on Thursday that Alibaba would buy over 39.3 million shares in a share subscription.

China is expected to become the world’s second largest wine market behind the United States in the next five years, with consumption set to rise over a third to hit $23 billion, according to wine fair operator Vinexpo.

The wine and spirit importer said in the filing that its revenues climbed 16.24 percent last year to 3.36 billion yuan and it expected to clock sales of around 4.5 billion yuan this year and 7 billion yuan in 2019.

Beside importing, 1919.cn sells wine, beers and spirits directly to Chinese consumers on its site, with goods imported from major wine producers France, Australia, Spain, Chile, Italy and the United States as well as domestically produced tipples.

Alibaba did not immediately respond to a request for comment.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.