JD.com the mainland online retailer with a business model similar to Amazon, reported a wider loss because of higher costs in its first set of financial results since going public three months ago. The net loss widened to 582.5 million yuan (HK$733.5 million) in the three months to June, from 28.3 million yuan a year earlier, the Beijing-based company said yesterday. Analysts had expected a loss of 257.2 million yuan. Revenue was 28.6 billion yuan, an increase of 64 per cent from the 17.5 billion yuan in the previous period. Active customer accounts grew 94 per cent to 38.1 million from 19.6 million, the company said. JD's initial public offering, which raised US$1.78 billion in May, has enabled the company to spend on warehouses, delivery vehicles and technology as it steps up competition to larger rival Alibaba. Tencent, which bought a stake in JD in March, is giving users of its instant messaging applications easier access to the e-commerce partner and generating traffic. JD and Alibaba have different business models. JD, founded by Richard Liu Qiangdong in 1998, follows a model similar to Amazon, where the company manages inventory and sells products such as home appliances, books and clothes directly to consumers, while Alibaba provides the platform that brings buyers and sellers together. Liu is the mainland's sixth-richest person, with a net worth of US$8.8 billion, according to the Bloomberg Billionaires Index. Tencent, Asia's largest internet company, agreed to buy a 15 per cent stake in JD and then folded its e-commerce businesses into the venture. JD shares closed at US$30.01 in US trading on Thursday. The company priced its American depositary receipts at US$19 each in its flotation. Temasek, Singapore's state-owned investment firm, said in a filing with the US Securities and Exchange Commission on Thursday that it had bought 602,139 American depositary receipts in JD with a market value of US$17.2 million. Temasek has also invested in Alibaba, which is preparing for an offering that could be the largest in US history. JD was the largest online direct sales company on the mainland in terms of transaction volume last year, with a market share of 46.5 per cent, according to iResearch.