Core Viewpoint - JD Group has successfully acquired approximately 59.8% of Ceconomy's equity and voting rights, aiming for absolute control over the European consumer electronics retail giant, with a total valuation of around €2.2 billion (over 18 billion RMB) for the transaction, marking a record high for a single acquisition by a domestic e-commerce company in Europe [1][3]. Group 1: Acquisition Details - JD Group's subsidiary, JINGDONG Holding Germany GmbH, completed the acquisition after the additional offer acceptance period [1]. - The acquisition is subject to regulatory approvals, including the German Foreign Trade Act and EU foreign subsidy reviews, with an expected completion in the first half of 2026 [3]. - JD Group's initial voluntary public offer was made at €4.6 per share, and the company is considering delisting Ceconomy to reduce compliance costs and enhance business integration flexibility [3]. Group 2: Ceconomy Overview - Ceconomy, established in 2017 from the split of Metro Group's consumer electronics business, operates well-known brands MediaMarkt and Saturn, holding over 30% market share in Germany and covering 12 countries with more than 1,000 stores and approximately 50,000 employees [4]. - For the first half of the 2024/25 fiscal year, Ceconomy reported sales of €12.82 billion, a 4% year-on-year increase, with an adjusted EBIT of €290 million, demonstrating strong profitability [6]. Group 3: Strategic Partnership with Founding Family - The transaction strategically transforms the founding family shareholder, Convergenta, into a long-term partner, reducing their stake from 29.2% to 25.4% while retaining board seats [7]. - This arrangement secures support from over half of the shareholders during the offer phase, mitigates EU foreign investment scrutiny, and ensures the family's continued influence in major decisions [7]. Group 4: Evolution of JD's International Strategy - The acquisition of Ceconomy marks a pivotal shift in JD's international strategy from "light asset trial" to "heavy asset deepening" [8]. - JD's founder emphasized a local e-commerce approach, moving away from traditional cross-border models to establish local teams, procurement, and sales [8]. - Previous attempts in Southeast Asia faced challenges, leading JD to focus on logistics infrastructure and local retail models in Europe, with the integration of Ceconomy's assets facilitating the creation of a localized version of JD in Europe [9].

Core Viewpoint - JD.com has announced a voluntary public takeover offer for CECONOMY AG, the parent company of European consumer electronics retailers MediaMarkt and Saturn, at a cash price of €4.60 per share, aiming to establish a strategic investment partnership [1][2]. Group 1: Transaction Details - The transaction values CECONOMY at approximately €2.2 billion, equivalent to over 18 billion RMB [2]. - If successful, this acquisition will set a new record for Chinese e-commerce companies expanding into Europe [2]. - JD.com has signed an investment agreement with CECONOMY regarding the takeover offer and future cooperation [2]. Group 2: Shareholder Agreements - Convergenta Invest GmbH, CECONOMY's largest shareholder, has committed to accept the takeover offer for its 3.81% stake, reducing its ownership from 29.16% to 25.35% [2]. - Additional agreements have been made with other shareholders, who have irrevocably committed to accept the offer for a total of 31.7% of CECONOMY's shares [2]. Group 3: CECONOMY's Business Overview - CECONOMY, established in 2017 and headquartered in Germany, operates over 1,000 stores across 12 European countries, with its core brands MediaMarkt and Saturn holding over 30% market share in Germany [6]. - The company has built a retail ecosystem through its after-sales service brand Deutsche Technikberatung [6]. Group 4: Financial Performance - In Q1 2025, CECONOMY's sales decreased by 1.6% to €5.2 billion, with adjusted EBIT at only €10 million; however, online sales grew by 7.4% to nearly €1.3 billion, representing a quarter of total sales [8]. - The acquisition is expected to provide JD.com with an established European offline network and supply chain resources, addressing long-standing challenges in overseas operations [8]. Group 5: Future Expectations - CECONOMY's CEO, Kai-Ulrich Deissner, anticipates the transaction will be completed in the first half of 2026, emphasizing the partnership as a timely and strategic move [8].