China’s Finance Subsidiary to Raise $1b
Economy, Sci & Tech

China’s Finance Subsidiary to Raise $1b

China's largest online direct sales firm, JD.com, said on Saturday it will raise 6.65 billion yuan ($1 billion) for its JD Finance subsidiary from investors, including Sequoia Capital China, China Harvest Investments and China Taiping Insurance.
JD Finance has been valued at 46.65 billion yuan on a fully-diluted, post-investment basis, Reuters reports.
Following the financing, JD.com will maintain majority ownership in JD Finance, a company news release said.
The transaction is expected to be completed in the first half of 2016, subject to customary closing conditions.
"During this phase of rapid development, we will benefit from the operating expertise that world-class financial institutions bring," said a spokesman for JD.com.
"We will continue to evaluate all options [for future additional financing] but plan to maintain a majority ownership in any eventuality."
Internet finance and online payments have expanded rapidly in China over the past year, and the Internet finance arm of JD.com's rival Alibaba Group Holding Ltd has also sought additional funding.


Short URL : http://goo.gl/uXBByX
  1. http://goo.gl/HpfRGG
  • http://goo.gl/mGWXCS
  • http://goo.gl/C51AWg
  • http://goo.gl/BjPzJH
  • http://goo.gl/hbfw8f

You can also read ...

Effects of Sanctions on Food Consumption of the Poor
It is now clear that the purpose of US sanctions against Iran...
Surcharge on Forex Rate Difference “Illegal”
The retrospective application of Clause Five of the government...
CBI Moves to Sideline USD
As part of the latest measure to ditch the US dollar from the...
Optimism Over Prospects of Iran Stocks Performance
The latest Consensus Earnings Report shows the price to...
New Online System to Monitor Warehouses Countrywide
All warehouses in Iran are required to register in the so-...
Gov’t to Build  2 New Towns
The Iranian government will commence the process of building...
Sesame Oil, Products Imported From  6 Countries
More than 1.38 million tons of sesame oil and products worth $...
Bank Loans Hit €18 Billion in 4 Months
Banks and credit institutions allocated a total of 1.67...