Financials says plans to invest in Thailand by end of year

HONG KONG, June 9 (Reuters) - Inc, China’s second-largest e-commerce company, plans to invest in Thailand by the end of this year, expanding its footprint beyond Indonesia which currently accounts for almost all of its overseas business.

Richard Liu, founder and chief executive of, told Reuters the company planned to use Thailand as a hub to service other Southeast Asian countries such as Vietnam and Malaysia.

He declined to say how much would invest in Thailand.

Amid intense competition, has expanded heavily into fast moving consumer goods, including household supplies and food and beverage products. The company has also diversified into data, cloud and artificial intelligence services. (Reporting By Julie Zhu and James Pomfret; Editing by Himani Sarkar)