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Business deals

Hong Kong's Li & Fung taps JD.com for digital supply chain revamp

Century-old company raises $100m from Chinese e-commerce operator

Li & Fung, a supply-chain manager that connects thousands of companies, sold a 6.7% stake in the company to China's JD.com (Source photos by Reuters and screenshot from Li and Fung website) 

HONG KONG -- Li & Fung, the world's largest sourcing company, has teamed up with Chinese e-commerce giant JD.com as it moves to bring its global supply chain business more into the digital era.

The 114-year-old family business said on Friday that it had received an investment of $100 million from JD.com through an issuance of new shares at 1.25 Hong Kong dollars each. The investment will give JD.com a stake of about 6.7% in Li & Fung, according to Nikkei's calculation. The group's founding family will retain the control of the company, with 60% of the voting shares.

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