In Nasdaq’s biggest listing of 2014, JD.com raised $1.9 billion from the public markets, in addition to a concurrent private placement from Tencent. In total, the company raised about $3 billion on May 22, 2014.

Hillhouse Capital originally invested in the company, which was then known as “360Buy,” in 2010. Hillhouse believed in the strength of JD.com’s business model, in which it holds its own inventory and runs its own nationwide logistics network, allowing it to control for quality, product authenticity and speed of delivery. Its vertical integration has enabled it to become China’s largest retailer, online or offline.