JD.com Spins Off Internet Finance Unit
(Beijing) — JD.com, China's second-biggest e-commerce company, agreed to sell its finance arm for $2.1 billion as part of a plan to reorganize the fast-growing business and challenge industry leader Ant Financial.
JD.com reached an agreement to sell its 68.6% stake in JD Finance to a group of domestic investors including JD.com CEO Richard Liu Qiangdong for about 14.3 billion yuan, the company said Thursday. JD Finance offers small loans, wealth management and other financial services online. The transaction is expected to close in mid-2017.
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