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China Slams EU's Foreign Subsidies Probe into JD.com's Ceconomy Takeover

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China criticized the European Union for its use of the Foreign Subsidies Regulation to probe JD.com's (HKG:9618) planned 2.2 billion euro takeover of Ceconomy.

The Ministry of Justice ruled on Aug. 19, that the EU's investigation constitutes improper extraterritorial jurisdiction, according to the ministry's statement on Wednesday.

The decision stems from the EU's arbitrary demands for extensive information from the Chinese entity, which China views as a severe violation of international rule of law.

Acting under its anti-undue extraterritorial jurisdiction regulations, China has prohibited any organization or individual from implementing or assisting these measures to protect national sovereignty and citizens' rights.

China urges the EU to correct its practices immediately and warns of resolute legal retaliation if the EU persists in its unilateral actions.

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