Tencent Holdings emerges as mainstay of JD.com
Internet/social media giant Tencent Holdings has emerged as the leading shareholder of China’s second-ranked online retailer JD.com.
Tencent owns a 21.25 per cent share, surpassing the 16.2 per cent stake of JD.com CEO Richard Liu Qiangdong. But while Tencent is now the largest shareholder, Liu still holds 80.9 per cent of voting rights.
Already the two companies co-operate in online retail. Tencent became a major JD.com shareholder with a 15 per cent stake after announcing plans in March 2014 to invest US$200 million in the company. Meanwhile, JD.com is bolstering ties with Japanese companies such as delivery giant Yamato Holdings.