Beijing introduced new anti-monopoly measures in February 2021 as part of China’s sweeping crackdown on its tech giants, but the increased government scrutiny hasn’t knocked JD.com, China’s second-largest e-commerce giant, off its game. With nearly 500 million customers, JD.com’s revenue soared 40% to $32 billion in the first quarter of 2021, compared with the previous year, buoyed by resurgent demand from Chinese customers emerging from the pandemic and new partnerships with popular brands like Starbucks and sports retailer Decathlon. The might of the JD.com empire was also on display in the IPOs of the company’s spinoffs. In December 2020, JD Health raised $3.5 billion in its debut on the Hong Kong exchange. Months later, JD Logistics raised $3.2 billion in its own Hong Kong IPO.
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