JD.com’s finance arm gets $1 bln in financing
Chinese online retailer JD.com said on Saturday that its financial arm will get 6.65 billion yuan (around 1 billion U.S. dollars) in funding from a group of investors.
The NASDAQ-listed online retailer said Sequoia Capital China, China Harvest Investments and China Taiping Insurance are chief among a group investors funding JD Finance, which offers a broad range of financial services including consumer credits, loans, insurance and wealth management products since its launch in 2013.
The funding, set to complete in the first half this year, will value JD.com’s financial subsidiary at 46.65 billion yuan.
JD.com said it still holds the majority stakes in JD Finance after the funding completes.