SHANGHAI, March 20 China's No.2 internet
retailer JD.com, Inc, set for a $1.5 billion U.S. initial public
offering (IPO), posted a narrower 50 million yuan ($8.07
million) loss in 2013, according to its filing with the U.S.
Securities and Exchange Commission.
JD.com, which recently teamed up with giant Chinese tech
firm Tencent Holdings Ltd, is the closest rival to
Alibaba Group Holdings, the leader by far in
China's e-commerce market, which this month also started plans
for a much larger U.S. IPO.
JD.com, which has close to 50 million active customers, saw
revenues increase 67.4 percent to 69.3 billion yuan ($11.18
billion) in 2013 from 41.4 billion yuan the year before. The
company had posted a 1.7 billion yuan ($274.35 million) loss in
The firm hopes to leverage its tie-up with Tencent's popular
messaging app WeChat to increase its share of China's e-commerce
market, with the intention of becoming the "largest e-commerce
company in China", it said.
The tie-up also burnishes the appeal of JD.com's
planned U.S. listing while taking some shine off Alibaba's own
IPO, which is expected to be worth $15 billion.
China's internet retail market is set to triple from 2012 to
over $300 billion in 2018 as the country's smartphone-savvy
shoppers surf the web for everything from plane tickets to
sneakers, according to Euromonitor.
($1 = 6.1965 Chinese Yuan)
(Reporting by Adam Jourdan; Editing by Muralikumar