Secoo Taps Aladdin Technology As Investor In Exploring Business Options

Secoo Holding Ltd SECO has entered into strategic cooperation with Aladdin Legend Technology Co Ltd.
The two companies will jointly explore business opportunities in luxury shopping and value-added services.
Under the agreement, Aladdin will invest RMB1.3 billion. The strategic cooperation is divided into three parts.
First, Aladdin will invest RMB100 million to establish Secoo China Club. The parties will lay out the high-end consumption circle and jointly develop second-hand Luxury goods transactions.
They will also promote the establishment of the China Department Store Home public circle, helping local enterprises to generate international brands.
Aladdin will invest up to RMB200 million by subscribing to the main shares of Secoo listed on the stock market.
With up to RMB1 billion, the parties will join hands to go overseas to promote the innovation and upgrading of services in the global luxury industry.
Price Action: SECO shares are trading higher by 31.6% at $0.34 on the last check Thursday.
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