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REFILE-China's starts operations in $1 billion warehouse, land push
October 20, 2014 / 1:31 AM / 3 years ago

REFILE-China's starts operations in $1 billion warehouse, land push

(Refiling to remove extraneous words in final paragraph.)

BEIJING, Oct 20 (Reuters) - Chinese e-commerce giant Inc said it had launched its warehouse and logistics initiative, ahead of China’s biggest online shopping event which produced sales of $1.6 billion for the firm last year.

The initiative is part of a $1 billion push to expand storage and processing facilities in China, where presently operates 7 fulfillment centres and 97 warehouses in 39 cities.

A Shanghai warehouse has started operations as part of the initiative, the firm said in a statement. The facility eventually will be able to sort 16,000 packages an hour.

It will help process orders during next month’s Singles’ Day shopping event, which begins November 1 and generates a huge spike in online shopping as people buy gifts for single friends.

“This cutting-edge, highly automated and efficient warehouse significantly expands’s ability to provide same-day and next-day delivery via our last-mile delivery network, even during peak periods,” CEO Richard Liu said in a statement.

The company, which raised $1.78 billion on the Nasdaq in May, said in its IPO document that it would spend between $1 billion to $1.2 billion over the next 3 years to expand fulfillment infrastructure.’s share price closed Firday at $25.07. The stock has gained about 20 percent since its listing. (Reporting by Matthew Miller; Editing by Stephen Coates)

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