JD to compete with Amazon in US market

BEIJING - Chinese e-commerce giant JD is preparing to make its United States debut with a beachhead in Los Angeles by the end of this year, seeking to best arch-rival Alibaba Group Holding Ltd and challenge Amazon.com Inc on its home turf.

The $68 billion company is now seeking funds to bankroll a massive logistics buildup to support that international expansion. JD is in final-stage discussions to sell 15 percent of its logistics arm to Tencent Holdings Ltd and other investors in an early fundraising round.

Tencent will get about a third of the shares being offered and the deal will be completed by the middle of next month, billionaire founder Richard Liu said in an interview.