Yunji seals US$724 million in deals

Yunji, a Hangzhou-based e-commerce firm, said yesterday it has signed deals worth 5 billion yuan (US$724 million) to buy goods from brands such as Nestle and Nittaya.

China's economic opening-up and move to a more consumption-based economy present great opportunities for cross-border e-commerce, the company said in a statement during a forum at the CIIE.

In addition to Nestle and foodmaker Nittaya, the deals include Blackmores, Mediheal, LG and appliance maker Gree.

Yunji, with 40 million registered users, began its cross-border business in 2016. Revenu has grown from 210 million yuan (US$30.3 million) in the first year to 1.17 billion yuan last year.

The Zhejiang Province cities of Hangzhou, Ningbo and Yiwu have become national cross-border e-commerce bases. ThepProvince generated cross-border revenue of 60.4 billion yuan last year, a 49.6 percent growth year on year, Chen Tiexiong, Vice chairman of the Zhejiang Province Chinese People's Political Consultative Conference, told the CIIE forum.