Jingdong Mall raises 700 million from investors

Chinese online retailer Jingdong Mall said on Sunday that its cash reserve has topped 15 billion yuan ($2.4 billion) after the Beijing-based company raised about $700 million from international investors. "With the new funding in place, Jingdong will be able to focus on long-term development," said Liu Qiangdong, the company's founder and CEO. Jingdong said it raised around $700 million from Kingdom Holding Co, Canada's Ontario Teachers Pension Plan, and other current shareholders. Jingdong is the nation's second-largest business-to-customer platform after Tmall, owned by Alibaba Group Holdings Ltd.

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