(Yicai Global) Aug 21 -- Chinese e-commerce giant JD.Com has spent USD55.8 million to increase its stake in Vipshop Holdings, a rising Chinese online discount retailer, in a bit more than a year, following the lead of a unit of Tencent Holdings. However, Vipshop chief predicts the pair wants to buy more. 

By Aug. 14, JD.Com has boosted its shareholding of Vipshop to 7.6 percent from 6.8 percent logged in June 2018, the two firms said in a statement to the US Securities and Exchange Commission. Beijing-based JD.Com bought 5.9 million American depositary receipts, representing 118,000 Class A shares, on the open market during the period with an average price of USD9.40 per share to lift its total to 10.1 million ADRs.

In March, Tencent's unit increased its stake in Vipshop to have 8.7 percent of the total. 

Tencent and JD.Com invested in the retailer for the first time in Dec. 2017, with the Shenzhen-based tech firm taking a 7 percent stake and the e-commerce company buying 5.5 percent. 

In the second quarter, Guangzhou-based Vipshop boosted its net profit attributable to shareholders by 19.3 percent from the previous year to CNY814 million (USD115.3 million), according to its earnings report published on Aug. 15. Its operating income rose 9.7 percent to CNY22.7 billion (USD3.2 billion). 

Tencent and JD.Com are interested in increasing their holdings of Vipshop to 12 percent and 8 percent, respectively, the Beijing News reported, citing Chief Executive Shen Ya's words during the second-quarter earnings call.

Vipshop's share price [NYSE: VIPS] climbed 3.4 percent to USD8.60 yesterday. It has risen 38 percent from the closing price of Aug. 14. 

Editor: Emmi Laine