JD.com, China’s largest online retailer by revenue, reported accelerating sales growth and increasing profitability in its first quarter of being listed both on Wall Street and in Hong Kong.
The Beijing-based company also announced an investment of roughly $830m from private equity group Hillhouse Capital in its JD Health unit, which offers an online pharmacy and medical consultations via the web.
JD’s self-run logistics network powered it through China’s coronavirus lockdown, gaining users as its rivals struggled to deliver their goods to customers. Those new customers have stuck around, with even more starting to buy as the world’s second-largest economy begins to rebound.
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