Alibaba rival JD.com has attracted some $2.5bn of investment to expand the reach of its logistics subsidiary, JD Logistics (JDL).
Investors, including Hillhouse Capital, Sequoia China and China Development Bank, entered into definite financing agreements expected to close in the first quarter.
JD will remain the majority shareholder, with an 81.4% stake, and JD.com chief executive Richard Liu said the funding would help it expand into automation, drones and robotics.
“Our decision early on to build out our …
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Source: The Loadstar