JD.com, a major US-listed e-commerce rival to Alibaba Group in China, announced a fresh round of fundraising for its logistics unit, JD Logistics, on Wednesday smashing the funding record for the red-hot sector.
The investment, expected to total approximately $2.5 billion, comes from a group of big-name investors including Hillhouse Capital, Sequoia China, China Merchants Group, Tencent, China Life, China Development Bank Capital FOF, state-backed China Structural Reform Fund and ICBC International. And JD.com will remain the majority shareholder of the business, with an 81.4% stake after the deal, which is expected to close in the first quarter.
The fundraising,...
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