JD.com To Enter Smarthome Technology Market

JD.Com Inc (ADR) (NASDAQ: JD) will enter the smarthome market, according to a report on ShanghaiDaily.com.

The company announced on Wednesday a planned investment of $10.74 million for development of smarthome technology.

iFLYTEK, a China-based voice technology company, and JD executed an agreement to jointly launch the new technology company.

"iFLYTEK is known for its voice technology products, including Voice Touch, a competitor of Apple's Siri system. The company holds about a 70-percent market share in China and is used by Chinese messaging services including Tencent QQ and Sina Weibo," according to the report.

iFlYTEK invested 55 percent of the capital in the venture and JD contributed the remaining 45 percent.

The market for the technology in China was estimated at $4.8 billion in 2015.

JD.Com recently traded at $27.97, up 1.6 percent.