Jingdong Mall raises $700m

Chinese online retailer Jingdong Mall said its cash reserve topped 15 billion yuan ($2.4 billion) after the Beijing-based company raised around $700 million from international investors on Sunday.

"With the new funding in place, Jingdong will be able to focus on long-term development," said Liu Qiangdong, founder and CEO of Jingdong.

Jingdong said it raised around $700 million from Kingdom Holding Co, Canada's Ontario Teachers Pension Plan and some other existing shareholders.

Jingdong is the nation's second-largest business-to-customer platform after Tmall, owned by Alibaba Group Holdings Ltd, according to industry research firm Analysys International.

The company registered about 20 percent of the turnover in the nation's B2C market by the end of last year.

Online B2C market transactions totaled around 470 billion yuan in 2012, a sum could hit 1.58 trillion yuan by 2015, Analysys International forecast in January.

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