Kenneth Fong

Ronald Keung

Thomas Chong

Alicia Yap

Jialong Shi

Joyce Ju

- **JD.com, Inc.**, through its wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH, has published a **voluntary public takeover offer** to acquire all issued and outstanding bearer shares in **CECONOMY AG**.  **[1549802_0001193125-25-193272_d52298d6k.htm:1]** 
- The offer is for a **cash consideration of EUR 4.60 per share**.  **[1549802_0001193125-25-193272_d52298d6k.htm:1]** 
- The acceptance period for the Takeover Offer began on **September 1, 2025**, and is set to end on **November 10, 2025**, at 6:00 p.m. (New York time).  **[1549802_0001193125-25-193272_d52298d6k.htm:1]** 
- The Takeover Offer is subject to certain conditions, including obtaining merger control, foreign investment, and EU foreign subsidies clearances by **November 10, 2026**, and will be financed through an **acquisition loan and the Company's cash on balance sheet**.  **[1549802_0001193125-25-193272_d52298d6k.htm:1]**

JD.com announces voluntary public takeover offer for CECONOMY AG

- JD.com is negotiating a euro-denominated loan to finance its proposed **€2.2 billion ($2.6 billion)** acquisition of German electronics retailer Ceconomy AG.  **[1549802_0f140e736ae54318bef8a4e02e0dc97b]** 
- **HSBC Holdings** and **Standard Chartered** have been appointed as mandated lead arrangers, bookrunners, and underwriters for the loan, which is expected to have a term of **364 days**.  **[1549802_0f140e736ae54318bef8a4e02e0dc97b]** 
- This acquisition aligns with JD.com's strategy to expand its market reach and enhance business capabilities.  **[1549802_0f140e736ae54318bef8a4e02e0dc97b]** 
- JD.com maintains a healthy financial profile with a market capitalization of around **$43.7 billion** and a Piotroski F-Score of **8**, despite an Altman Z-Score of **2.6**.  **[1549802_0f140e736ae54318bef8a4e02e0dc97b]**

JD.com (JD)