The Ontario Teachers’ Pension Plan (OTPP) is reported to have joined a $400m financing round for 360buy, one of China’s largest online retailers, an investment that is said to value the company at $7.3bn.
360buy, which is the biggest e-commerce company in China by transaction volume, is targeting an expansion into Western markets according to the Financial Times.
The business hopes to generate annual revenues of about $100m from operations outside the country within the next two or three years, the report said, and is planning an IPO in 2013.
OTPP is thought to be heading the other way by opening an office in Hong Kong next year, in a bid to diversify its investments, bridge funding shortfalls and tap the region’s economic growth.
Such a move would see it follow fellow Canadian pension funds such as the Canada Pension Plan Investment Board and the Church Pension Fund, which have already established presences in Asia.
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