Modern Express, 3/04/14
According to Chinese news media reports citing senior internet industry sources, Beijing-based B2C e-commerce platform JD.com (Jingdong) has solicited three Chinese internet companies to act as cornerstone investors in the company's upcoming IPO, namely Tencent (0700.HK), Baidu (Nasdaq: BIDU), and Qihoo 360 (NYSE: QIHU). Jingdong reportedly approached the companies before submitting its IPO prospectus to the US Securities and Exchange Commission, and is currently involved in ongoing negations regarding the deal.
An insider has also revealed that an agreement between Jingdong and Tencent will be unveiled on or around March 10.
Editor's Note: For more information on this topic, please see "Rumor: Tencent Hires Barclays to Advise Jingdong Investment," MD 2/27/14 issue.