In its latest 13F filing, Cortland Associates disclosed the sale of 373,236 JD.com shares, representing an estimated transaction value of $11.67 million based on the quarter’s average price. Following the sale, Cortland’s quarter-end position in JD.com declined by $14.03 million—reflecting both the trade and subsequent share-price movements—and now stands at 155,104 shares, valued at approximately $4.45 million. JD.com accounts for just 0.56% of the fund’s assets under management, removing it from Cortland’s top five holdings. This reduction signals waning institutional appetite at the current valuation, even as JD.com’s management reiterates its focus on logistics efficiency and profitability.

JD.com faces escalating pressure in China’s instant commerce arena following East Buy’s announcement of same-day delivery rollouts in its top 10 cities and rapid-fulfillment trials in Beijing, Shanghai and Guangzhou. With East Buy returning to profitability—H1 revenue up 5.7% year-on-year to RMB 2.31 billion, private-label GMV contribution at 53%—and its stock surging 14%, investors are closely evaluating JD.com’s own instant-retail push. JD.com currently leads with its ‘JD Instant’ service—offering 30-minute delivery in select urban districts—but must now contend with new entrants that leverage private-label margins and lean fulfillment networks. Analysts warn that JD.com may need to accelerate network densification and deepen local partnerships to defend market share, all while managing delivery-cost inflation that has pressured gross margins by 120 basis points over the past year.