Alibaba Group Holding Ltd. (BABA) may be the dominant ecommerce player in China, but second-place rival JD.com (JD) is chipping away at that position.

Earlier Thursday, JD.com posted a 47% increase in fourth-quarter revenue, sparked by strong sales during the holiday shopping period late last year. Revenue for the period ended in December came in at 80.3 billion yuan or $11.67 billion, surpassing the ecommerce company’s own forecast of 75 billion to 77.5 billion yuan. For the first quarter of 2017, JD.com is targeting revenue of 72.3 billion to 74.3 billion yuan. The first quarter doesn’t have a big holiday shopping period that would lift shares. In conjunction with its earnings report, JD.com also announced it will sell its 68.8% stake in JD Finance, giving the business a value of $7.26 billion. The stake sale is expected to be complete in the middle part of this year.

JD, Alibaba In Fierce Battle

The big jump in revenue comes at a time…