JD.com (NASDAQ: JD) shares fell as much as 2% following reports of a European Union investigation.
The probe targets the company's €2.2 billion bid for German electronics retailer Ceconomy.
This marks the first detailed investigation of a Chinese takeover under the EU's foreign subsidies regulations.
Officials are examining whether the transaction involves unfair government subsidies.
A 90-working-day review now complicates the deal's timeline.
The transaction was previously expected to close in the first half of 2026.
This move signals a more aggressive regulatory stance from Brussels toward Chinese investments.