JD.com Buys 33% Stake in Allianz China Unit
Chinese e-commerce giant JD.com Inc. will pay 536.6 million yuan ($85.4 million) for a 33.3% stake in the China unit of German insurance giant Allianz SE. The transaction marks JD.com’s latest push into the internet finance sector.
The purchase will make JD.com the second largest shareholder of Allianz China General Insurance Co. after Allianz Group, the insurer said in a filing Monday. The JD.com investment is part of an 805 million yuan fundraising by Allianz China.
JD.com will partner with Allianz to develop a digital insurance joint venture in China, Reuters reported citing JD.com.
JD.com joins other Chinese tech giants including Alibaba Group Ltd. and Tencent Holdings Ltd in seeking expansion in China’s burgeoning internet finance market. Last year, JD.com spun off its finance arm into a separate company. The spinoff is part of efforts by Nasdaq-listed JD.com to make JD Finance fully owned by Chinese shareholders. This will make it easier to obtain certain financial service licenses in China such as for securities trading.
JD Finance offers small loans, wealth management and other financial services online. It had a valuation at 50 billion yuan in March 2017.
JD.com’s investment in Allianz China is subject to approval by the China Banking Regulatory Commission, Allianz China said in the filing.
Munich-based Allianz is the world's largest property and casualty insurer. The company operates several units in China offering life insurance, property insurance and wealth management services.
Established in 2003 in Guangzhou, Allianz China is the German insurer’s wholly owned property and casualty insurance subsidiary, with services including auto, property, liability and domestic credit insurance, as well as short-term health insurance and accident insurance for individual and corporate clients, according to the company website.
Contact reporter Han Wei (email@example.com)
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