JD 2014 net revenues up 66 pct with heavy losses

JD.com, a major Chinese e-commerce company, reported net revenues of 115 billion yuan (18.5 billion U.S. dollars) in 2014, up 66 percent year on year despite suffering a historic net loss of 5 billion yuan, the company announced in a statement on Tuesday night.

JD reported a net loss of 50 million yuan in 2013.

The drastic increase in losses was due to an increase in share-based compensation expenses as well as the amortization of intangible assets resulting from assets and business acquisitions related to the company's strategic partnership with Tencent, according to the statement.

JD.com, a major competitor with Chinese e-commerce giant Alibaba Group, had 96.6 million active customer accounts by the end of 2014, almost double that of 2013.