Dada Nexus Shares Surge On $800M Investment From JD.com

China’s e-commerce company JD. Com Inc (NASDAQ: JD) has raised its stake by acquiring $800 million worth of shares of on-demand delivery and retail platform Dada Nexus Ltd (NASDAQ: DADA) valued at Dada’s March 19, 2021 closing price of $29.30.
JD.com now owns 51% of Dada’s shares under the arrangement.
The acquisition is expected to promote the expansion of on-demand retail and delivery and omnichannel collaboration as per JD Retail CEO Lei Xu.
JD.Com’s cash and cash equivalents amounted to $23.2 billion (RMB151.1 billion) on December 31, 2020.
Price action: JD shares traded higher by 0.19% at $85.15, and DADA shares traded higher by 15% at $33.70 in the premarket session on the last check Monday.