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South Korean Companies Sign US$1.5 Million Export Deals With JD.com; Shares Down 3%

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Chinese e-commerce major JD.com (HKG:9618) launched a business entity in South Korea to purchase Korean consumer goods for sale in China, the South Korean trade ministry said on Wednesday.

Backed by the Korean trade ministry, the partnership is expected to provide market access to about 200 Korean consumer goods companies in China, Yonhap News reported Wednesday.

The Korean companies have also signed $1.5 million worth of deals to ship their products through JD.com's business-to-consumer platform in China, the report said.

Shares of the e-commerce company fell 3% in recent trading.

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