360buy sells $400m stake to Saudi company

In a bid to fuel the company's growth, Chinese e-commerce giant 360buy has sold a $400 million stake to a Saudi Arabian company.

Kingdom Holding Company (KHC), which is owned by billionaire Al-Waleed bin Talal, a member of the Saudi royal family, led the stake acquisition, 360buy said Saturday.

The acquisition was part of 360buy's fourth round of financing, which has raised a total of $700 million. The other three rounds occurred in 2007, 2008 and 2011.

The main investors in this round included KHC, the Ontario Teachers' Pension Plan in Canada and other major 360buy shareholders.

Liu Qiangdong, founder and CEO of 360buy, said he is looking forward to a long-lasting relationship with KHC.

"Our deal solidifies the strategic relationship between Saudi Arabia and China," the prince said in a statement on KHC's website.

360buy's sales volume exceeded 60 billion yuan ($9.63 billion) in 2012, and it is expected to top 100 billion yuan this year.