JD.com Buys 33% Stake in Allianz China Unit
JD.com joins other Chinese tech giants in seeking expansion in China’s burgeoning internet finance market. Photo: IC
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.
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