JD Stock Rises on Partnership With Google; Alibaba Ends Day Higher
The stock of JD.com Inc. (Nasdaq: JD) rose 17 cents to $43.76 per American depositary share Monday on news that Google is investing $550 million in China's second-largest e-commerce platform.
Google (Nasdaq: GOOGL) has partnered with JD as part of the U.S. internet giant&`#`39;s efforts to expand its presence in fast-growing Asian markets and battle its rivals, such as Amazon.com (Nasdaq: AMZN).
"We are excited to partner with JD.com and explore new solutions for retail ecosystems around the world to enable helpful, personalized, and frictionless shopping experiences that give consumers the power to shop wherever and however they want," Google's chief business officer, Philipp Schindler, said in a statement today.
Google will receive more than 27.1 million Class A ordinary shares of JD.com at $20.29 per share, equivalent to $40.58 per ADS.
Meanwhile, the stock of JD's rival, China's e-commerce behemoth, Alibaba Group Holdings Ltd. (NYSE: BABA), briefly lost $4.12 per share in early trading, but recovered to $208.57 per ADS, up 57 cents by closing.