HONG KONG , January 17 , SinoCast -- TOM Group Limited (SEHK: 2383) declared formation of a JV with China Post Group Corporation for operating e-commerce platform Ule.com . China Post is official Chinese postal service provider, having 50,000 outlets and nationwide logistics network. The JV will offer A Series preferred stock totaling 1.325 billion to third party investors to finance USD 110 million or HKD 858 million . Upon completion, it will be 42.51%, 44.24% and 13.25% held by TOM Group , China Post and third party investors. China Post promised to consider the JV as its sole e-commerce platform operator.
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