China’s JD.com may increase its stake in M.Video by participating in an additional share issue
The electronics and appliance chain M.Video is in the final stage of negotiations with China’s largest online retailer JD.com regarding participation in an upcoming additional share issue, sources told Vedomosti. According to them, the company has already received the necessary documents for consideration. The exact stake JD.com may acquire as a result of the deal has not been disclosed.
The parties are also discussing other forms of partnership—for example, the possibility of listing JD.com’s products on the M.Video website and in its stores, as well as developing cross-border online sales through the Russian retailer.
In July 2025, JD.com reached an agreement to acquire Ceconomy—the company that owns Media-Saturn-Holding GmbH, which operates the Mediamarkt and Saturn retail chains in Europe. According to RBC, the deal also includes Media-Saturn-Holding GmbH’s Russian asset—15% of M.Video-Eldorado shares. According to Vedomosti, the deal was approved by the German antitrust regulator on September 18, but the final decision will be made by Germany’s Ministry of Economy.
Aleksey Fedorov, Chairman of the E-Commerce Council of the Russian Chamber of Commerce and Industry, notes that holding 15% of M.Video through Ceconomy gives JD.com only a minority stake without control. If JD.com acquires another 10%, it will have a blocking stake (25% plus one share), allowing it to block decisions that require a qualified majority, such as amendments to the charter, major transactions, reorganization, or liquidation. Fedorov considers it logical for JD.com to increase its stake to this level, and believes the current share issue is largely aimed at them.
Denis Kuskov, General Director of Telecom Daily, believes such a partnership is mutually beneficial: JD.com has strong expertise in online retail, while M.Video holds a strong position in offline electronics retail. Together, the two companies could become more serious competitors to marketplaces such as Ozon and Wildberries.
JD.com has made other attempts to enter the Russian market: the company has partnered with SPSR-Express, Russian Post, Ulmart, Yandex Money, QIWI, and X5 Retail Group, but none of these projects gained significant traction.