(8th February, 2018, Beijing) Shiji has signed the Stock Purchase Agreement with Alibaba SJ Investment Limited (“Ali SJ” below) which is the wholly…
(8th February, 2018, Beijing) Shiji has signed the Stock Purchase Agreement with ALIBABA SJ INVESTMENT LIMITED (“Ali SJ” below) which is the wholly owned subsidiary of Alibaba Group. The deal is to sell 38% shares of the Shiji Retail Information Technology Co. Ltd. (“Shiji Retail” below), which is the integrated subsidiary of Shiji to Ali SJ and/or its relevant party at the price of 486 Million $US dollars. Shiji has also signed the Strategic Partnership Frame Agreement with Taobao (China) Software Company Ltd., to carry out in-depth cooperation on New Retail business with Alibaba Group via Shiji Retail and its stock control company Shenzhen SISS Software Company Ltd.
Shiji is at a pivotal stage in transition from software supplier to big data driven consumer application service platform operator, during which Globalization and Go Platform are the key strategies. The introduction of investment by Ali SJ into Shiji Retail and the Strategic Partnership Frame Agreement signed with Taobao (China) will be helpful for the Company to realize the goals of both Go Platform and Globalization, in the capacity of either business and technology parallels or financially supported, scalable development. The relationship brings complementary advantages to enhance business and technology synergies, at the same time accelerating the resource integration of Shiji retail business to ensure the establishment of Shiji as a leader in the “next generation” retail information system industry, taking advantage of an existing client base and robust, accumulated market strengths.
In China, Shiji is the leader for the supply of systems technology to the hospitality, catering and retail markets, further boasting superior market advantage in the genre of ticketing systems for theme parks, scenic and historical tourist locations. The Company currently supports over 12,000 hotel clients and 150,000 catering clients. Shiji enjoys the undisputable leading position in the retail arena, dominating the market by way of diversified products, offered to more than 300,000 retail clients in a variety of retail entities.
This is not the first business relationship between Alibaba and Shiji. In March 2014, Shiji started working with Alibaba to enhance cooperation in the hospitality information systems field, within a strategic partnership agreement. In part, the arrangement dealt with hotel system connections, credit stay, membership service platform connections and scanpay. Shiji has completed direct connections with more than 11,000 hotels for Ali Fliggy Trip and credit stay celebrated its initial deployment for 11,000 hotels on 30th June, 2017.
