American tech giant Google has announced a US$550 million cash injection in Chinese e-commerce firm Jingdong, forming an extensive strategic partnership, The Paper reported.

According to the agreement, Google will receive about 27 million shares of Jingdong’s newly issued Class A common stock at an issue price of US$20.29 dollars per share.

It means after this transaction,  Google will have obtained approximately 0.93% of the shares in Jingdong.

The two parties will cooperate on a series of projects, one of which is to develop retail solutions in various regions around the world, including Southeast Asia, the United States and Europe.

Combining Jingdong’s expertise in supply chain and logistics and Google’s technological advantages, the two companies will jointly explore and build next-generation retail infrastructure solutions to provide consumers with a personalized shopping experience.