On July 15, the Jimei District Government of Xiamen City and the Huli District People's Government of Xiamen City together signed a tripartite strategic cooperation agreement with Xiamen International Trade Group Co., Ltd. and Alibaba's national new retail giant, Yintai Commercial (Group) Co., Ltd.

According to the agreement, Xiamen Meisui Commercial Investment Management Co., Ltd., a subsidiary of Xiamen International Trade Co., Ltd., will jointly invest 50 million yuan with Yintai Commercial to establish a joint venture company to manage the relevant commercial projects of Xiamen Guomao and jointly develop the Fujian market. The two sides will launch new retail practices in various dimensions such as member digitalization system, commodity digitalization project, new retail project landing, and scene transformation to jointly promote new retail reform.

The registered capital of the joint venture company is 50 million yuan. Among them, the US-funded business invested 24.5 million yuan, accounting for 49% of the total share capital of the joint venture company, Yintai Commercial contributed 25.5 million yuan, accounting for 51% of the total share capital of the joint venture company. According to Xiamen International Trade, Aged Business and Intime Commercial are optimistic about the business development prospects in Xiamen and surrounding areas, and activate commercial atmosphere with “new retail” to enhance business efficiency and create new business models.