Amazon China Dispels Rumor LeEco Plans to Buy US Online Retailer's Unit
Yicai Global
/SOURCE : Yicai
Amazon China Dispels Rumor LeEco Plans to Buy US Online Retailer's Unit

(Yicai Global) Sept. 19 -- Amazon China has quashed speculation that Leshi Internet Information & Technology Corp. [SHE:300104], a Chinese tech company better known as LeEco, may announce a plan later today to buy the unit of the US online retailer.

"A wise man doesn't believe rumors," an anonymous official at Beijing-based Amazon China told Yicai Global.

Mr. Zhang Zhiwei, president of LeEco's online-to-offline sales platform, yesterday wrote on Weibo that "an event great enough to rewrite the Chinese e-commerce industry is going to be announced on the night of the 919 LeTV Fan Carnival." People have speculated that it may refer to LeEco's possible acquisition of Amazon China.

Amazon.com Inc., the China unit's parent company, turned a profit for a fifth straight quarter in the three months ended June 30, earning USD857 million. The Seattle-based company did not disclose its China revenues.

Figures from Amazon China show that it had 10 million cross-border direct mail orders in August, and total first-half sales through its 'Overseas Purchase' section gained almost four-fold from a year earlier.

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