JD.com (9618) reported second-quarter revenue that exceeded estimates, alongside investment from Hillhouse Capital, after China's second-biggest online retailer benefited from a rise in its online marketplaces spending.
The company said yesterday its JD Health division would receive more than US$830 million (HK$6.47 billion) from Hillhouse, the investment firm founded by Zhang Lei, through the purchase of Series B preference shares.
JD reported revenue in the three months ended June rose 34 percent to 201.05 billion yuan (HK$201.05 billion), beating the 190.7 billion yuan average of analyst estimates.
Meanwhile, US electric automaker Tesla said it will provide legal assistance for group buyers who bought its Model 3 sedans in Pinduoduo's platform to sue the e-commerce company. Pinduoduo, which is reportedly considering a Hong Kong initial public offering, arranged a group purchase of Tesla's Model 3 sedans for 251,800 yuan, compared with 40,000 yuan cheaper than the original price. But Tesla said it is only operating with a direct sales business model and refused to deliver the locally-built vehicles.
In Hong Kong, Chinese bottled water manufacturer Nongfu Spring has passed listing hearing for its Hong Kong IPO that could raise around US$1 billion and it plans to kick off public shares on August 24.
Ant Group, the fintech arm of Chinese e-commerce company Alibaba (9988) has made a preparatory filing with China's securities regulator for its planned blockbuster IPO onshore, according to Reuters.
Pinduoduo made its Nasdaq trading debut in July 2018, marking the launch in both Shanghai and New York. REUTERS
