EU charges JD.com over $2.5 bn Ceconomy acquisition

The European Commission has issued a formal statement of grounds under its new Foreign Subsidies Regulation, marking the first time the rule has been applied to a Chinese takeover. The charge targets JD.com’s €2.5 billion bid to acquire Germany’s Ceconomy, the parent of MediaMarkt and Saturn, alleging the Chinese retailer may have benefited from preferential financing, tax breaks or direct subsidies from the Chinese government.

If the EU’s concerns are not addressed, the deal could be blocked or require substantial remedies before a final approval, which is due by October 2 2026. JD.com says the transaction is financed solely with private bank loans and internal cash and argues it supports European innovation and competitiveness. The move comes as the bloc tightens rules on low‑value parcels and imposes new handling fees to curb what it calls unfair competition from Chinese e‑commerce platforms.