In its November 13, 2025 SEC filing, XY Capital Ltd disclosed the sale of all 419,251 JD.com shares it previously held. This move closed out a position that had represented 9.4% of the fund’s reportable U.S. equity assets in the prior quarter. Following the sale, XY Capital reported 157 total positions and roughly 189.9 million in U.S. equity assets under management, with JD.com no longer featuring among its top holdings.

JD.com’s removal from XY Capital’s portfolio shifts the fund’s sector exposure and reallocates capital toward its remaining positions. Post–JD.com exit, the fund’s largest stakes include Alibaba (approximately 12.7% of AUM) and KE Holdings (around 7.9% of AUM). The decision underscores investor preference for names with stronger recent performance, as JD.com has declined over the past year while peers have delivered modest gains.

Over the trailing twelve months through the end of September 2025, JD.com generated revenue of 181.9 billion and net income of 4.49 billion. The company maintains its leading logistics infrastructure and broad product assortment, serving both individual consumers and enterprise clients across China. Despite its scale, JD.com’s shares have underperformed broader equity benchmarks over the past twelve months, reflecting investor caution around growth prospects and margin pressure in the core retail business.

With institutional sellers like XY Capital stepping aside, remaining investors will monitor JD.com’s ability to stabilize sales growth and protect profit margins amid a competitive e-commerce landscape. Key drivers include expansion of high-margin services such as third-party marketplace offerings, technology licensing and logistics solutions, which could offset weakness in direct retail operations and support a revaluation of the stock if executed successfully.