Ahead of its IPO Alibaba released a report on its first quarter results, showing that revenue grew 39% from the year-ago quarter, down from 66% in the fourth quarter.
GMV for the Tmall site that competes with JD.com grew 90% from the year-ago quarter to RMB135 billion. The site saw GMV growth of 101% to RMB183 billion in the fourth quarter. The slower growth is contributing to JD.com's sell off.
"JD.com, Inc. is a holding company. The Company is an online direct sales company. The Company, through its Website www.jd.com and mobile applications offers a selection of authentic products. The Company also offers online and in-person payment options and comprehensive customer services. As of February 28, 2014, the Company offered approximately 31.3 million stock keeping units (SKUs) through its online direct sales and marketplace. As of February 28, 2014, the Company operated 82 warehouses with an aggregate gross floor area of over 1.3 million square meters in 34 cities and 1,485 delivery stations and 212 pickup stations in 476 cities across China, staffed by 20,785 delivery personnel, 8,828 warehouse staff and 4,874 customer service personnel. The Company's subsidiaries include Beijing Jingdong Century Trade Co., Ltd., Tianjin Star East Corporation Limited, Beijing Jingbangda Trade Co., Ltd. and Shanghai Shengdayuan Information Technology Co., Ltd."