JD.com Inc. (formerly 360Buy), one of the largest online retailers in China, filed with SEC for IPO to raise up to $1.5 billion in the U.S..

The company started as an online retailer in 2004 and then introduced third-party retailers to its platform in October 2010. It’s business model, selling goods directly to users and take commissions from third-party retailers, is different from that of Alibaba’s Taobao & Tmall whose major revenue sources are search marketing and other advertising offerings. JD.com’s direct competitors in China include Dangdang.com, Amazon China and Yihaodian.

The gross merchandise volume (GMV) on JD platform were RMB32.7 billion and RMB73.3 billion in 2011 and 2012, respectively.  The GMV is RMB86.4 billion (US$14.1 billion) in the first nine months of 2013. Its operating income had been negative since 2009 till the third quarter of 2013.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com