The B2B2C joint venture established by the Chinese search engine company Baidu and the Japanese e-commerce operator Rakuten has announced that it has formally adopted the Chinese name “Le Ku Tian” as the brand name of its online service platform Rakuten.com.cn, which is currently opened to e-commerce vendors for registration.

Koichi Nakamura, CEO of Rakuten.com.cn, said that the reason for adopting “Le Ku Tian” is because its pronunciation is similar to Rakuten, and it is also a Chinese name representing happiness. He further explained that their service concept is to make online shopping a secure, convenient and happy pursuit. They hope consumers can enjoy the cool shopping experience on Rakuten.com.cn.

Both Baidu and Rakuten’s executives said that the Rakuten.com.cn e-commerce website will not only further energize the Chinese e-commerce market, but will also provide better products and services to Chinese consumers to ensure they have fun while being separated from their cash via online shopping. Meanwhile, it will serve the Chinese small- and medium-sized enterprises and help them share the new opportunities brought by the booming e-commerce market.

In addition, Rakuten.com.cn will reportedly hold large-scale investment meetings in Chinese cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Chengdu, and Qingdao soon.

On January 27, 2010, Baidu and Rakuten announced plans to jointly invest USD50 million in the establishment of an e-commerce joint venture, with Rakuten owning 51% and Baidu owning 49% of the JV. The two parties will dispatch senior experts to form the management team of the company.