(Bloomberg) — A wager by the teachers of Ontario, Canada, on Beijing-based online retailer JD.com is paying off in a big way.
Their C$141 billion ($129 billion) retirement fund bought about 44 million of the then-privately held company’s shares in November 2012 for $175 million, according to a May filing with the U.S. Securities and Exchange Commission. By the end of June, after JD.com went public in the U.S. and its stock soared, the investment’s value more than tripled to $630 million, a separate filing made Aug. 14 with the SEC showed.
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