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Alibaba rival JD.com files for U.S. IPO of up to $1.5 billion

30
Jan
2014

(Reuters) – JD.com, Chinas second-largest e-commerce company behind Alibaba Group Holding Ltd, said on Thursday it plans to raise up to $1.5 billion in an initial public offering in the United States. JD.com, which said in December it expected to top 100 billion yuan ($16.51 billion) in annual sales for the first time, is riding on Chinas booming e-commerce industry as internet penetration surges in the worlds most populous nation. Business-to-consumer online sales in China are expected to surpass $180 billion this year, according to market research firm eMarketer. JD.com has managed in the past six years to secure $2.23 billion from foreign investors, including the Ontario Teachers Pension Plan and Saudi billionaire Prince Alwaleed bin Talals Kingdom Holding Co. Alibaba, which controls nearly 80 percent of Chinas internet shopping market, has been planning to list its shares but has struggled to reach an agreement with Hong Kong regulators over its proposed IPO, expected to be worth around $15 billion.

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