Saudi prince buys stake in 360Buy Jingdong

Kingdom Holding, the investment company of Saudi prince and billionaire Al-Waleed bin Talal, is investing around 125 million US dollars in a strategic stake of China's online retail giant 360Buy Jingdong.

The investment is part of a consortium of firms that paid a total of 400 million US dollars to acquire a stake in 360Buy.

Jingdong has so far completed four rounds of mega fundraising with a total financing of 2.3 billion U.S. dollars. This has also spurred rumors of a possible initial public offering in the future.

E-commerce is skyrocketing in China, with the number of online shoppers expected to rise to 329 million in 2015, more than double the count in 2010.