Google investing $550 million in Chinese ecommerce company

Google will invest $550 million in, an ecommerce giant in the Chinese market.

The deal will give Google 27.1 million newly-issued Class A ordinary shares.

When the deal concludes, this will give Google less than a 1% stake in the company.

The companies said the investment is a piece of a wider partnership, however, which includes the promotion of products on Google’s shopping service.

According to the report, the agreement will not involve any major new Google initiatives in China. Google’s main services are currently blocked in the country, as it refuses to comply with local laws that require it to censor search results.

Other investors include Tencent, its rival Alibaba Group, and Walmart.

Now read: What Google knows about you for its targeted ads

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Google investing $550 million in Chinese ecommerce company