JD.com plans to acquire German electronics retailer Ceconomy in a transaction valued at about 22 billion euros ($2.5 billion), including Ceconomy's retail brands MediaMarkt and Saturn along with its European store and logistics network [1, 2, 3].
On May 28, 2026, the European Commission announced a formal in-depth investigation under the EU Foreign Subsidies Regulation (FSR) into the deal [1, 2]. The probe examines whether JD.com received subsidies from the Chinese government, such as preferential financing, tax incentives, and grants that could distort competition in the EU market [1, 2]. The Commission stated, "The preliminary investigation indicates that JD.com may have received foreign subsidies distorting the EU internal market," including support from entities linked to China [1].
JD.com strongly denies receiving any foreign subsidies for the acquisition. The company said the transaction is funded solely by "external private bank debt and available cash from ordinary course business activities" without any Chinese government grants or incentives [1]. JD.com CEO Sandy Xu said the acquisition aims "to build Europe’s leading next-generation consumer electronics platform, combining JD.com's e-commerce strength with Ceconomy’s physical store network and brand recognition" [3].
Ceconomy employs about 50,000 people and generated 22.4 billion euros in annual revenue during 2023-24, with 5.1 billion from online sales [3]. JD.com announced its voluntary public takeover offer for Ceconomy shareholders at 4.6 euros per share on July 31, 2025, valuing the deal at more than 22 billion euros [2, 3]. The company officially filed the acquisition notification with the European Commission on April 17, 2026 [4].
This is the first investigation under the EU Foreign Subsidies Regulation specifically targeting a Chinese acquisition [1, 4]. European local companies have voiced concerns about alleged unfair competition from Chinese firms backed by state subsidies [4, 3]. Possible outcomes of the Commission's probe include approval, outright prohibition, or remedies requiring JD.com to offer concessions [3].
The European Commission must reach a decision by October 2, 2026, 90 working days after the April filing date [1, 4]. JD.com has said it will fully cooperate and expects the deal to promote innovation and competitiveness in Europe [4]. Meanwhile, JD.com is reportedly also considering purchasing the UK online retailer Very Group for about 20 billion pounds [4].
