EU News Digest Latest News & Updates
Michael Nagle | Bloomberg | Getty Images
Richard Liu, founder and chairman of JD.com, during an IPO ceremony at the Nasdaq MarketSite in New York, U.S., on May 22, 2014.
JD.com said it had raised $2.5 billion by selling a stake in its logistics business, which it will use to invest in new technologies like drones and robotics.
The Chinese e-commerce giant said in a statement Wednesday that it had entered into agreements with investors including Hillhouse Capital, Sequoia China and Tencent.
JD.com will continue to be a majority shareholder in its logistics arm, JD Logistics, with an 81.4 percent stake. The firm said it expects the deal to be fully completed within this quarter.
The company is one of the largest online retailers in China and a competitor to Alibaba. It said the deal would enable it to invest more in technologies which are transforming the e-commerce industry.
“This current funding round sets the stage for us to further invest in expanding our lead in the sector in areas like automation, drones and robotics,” Richard Liu, chairman and CEO of JD.com, said in a statement Wednesday.
“JD Logistics will continue to support both JD.com’s e-commerce business and the logistical needs for a wide range of industries for years to come.”
JD.com’s logistics unit was spun off as a standalone subsidiary in April last year.
