Chinese e-commerce platform JD.com plans to make a major investment in on-demand delivery platform Dada Group.
JD.com announced on Monday that it plans to invest USD$800 million in Dada, which will give it an ownership stake of around 51%.
US-listed shares in Dada surged by nearly 19% following the announcement by JD.com.
Dada was first founded in 2014, and its JD-Daojia (达达-京东到家) and Dada Now (达达快送) brands have since emerged as two of the leading on-demand retail platforms in the Chinese market.
The company listed on the Nasdaq Stock Market in June of last year.