Rumors on the Chinese Internet are swirling that the B2C e-commerce company JD.com will soon acquire the advertising technology and service provider MediaV for $700 million.

Commenting on the news, JD.com said there is nothing official to be released yet.

MediaV was founded by Yang Jiongwei, former president of Allyes, in October 2009 and it started as an Internet advertising agency. After establishing its advertising network platform, the company entered the demand-side platform sector. Headquartered in Shanghai, MediaV has two research and development centers in Shanghai and Beijing, respectively. It has branches in Shenzhen, Guangzhou, Hangzhou, Xiamen, and Nanjing. The company currently has over 500 employees.

From 2009 to 2011, MediaV completed three rounds of financing, gaining about $66 million total investment from Lightspeed Venture Partners, GGVC, and Quantum Strategic Partners. According to the official website of MediaV, apart from its founder Yang, its existing executive team includes president Zheng Xiaodong, senior vice president Guo Hai, and vice president Qiu Yongling.

About 80 percent of the top 50 Chinese e-commerce websites are reportedly clients of MediaV, though the company does not state if those are exclusive relationships. JD.com started working with MediaV in 2010, and most of its Internet promotion advertisements are apparently placed via MediaV.