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Doris Yu · · 1 min readSources: JD.com’s fintech arm may withdraw its IPO in Shanghai
“JD Technology, the fintech unit of one of China’s largest online shopping platforms, is likely to withdraw its initial public offering from Shanghai’s Star Market, amid changing business circumstances after the halt of Ant Group’s stock sale last November,” reported South China Morning Post, citing sources familiar with the development.
Details:
- JD Technology, previously JD Digits, felt it was appropriate to withdraw its listing due to changes in its name, business, and senior management team since it first filed for the IPO, said one source.
- The fintech unit may resubmit its listing later.
Context:
- JD Technology spun off from its parent firm in 2013 and was known as JD Finance until 2018. In the first half of last year, 43% of its revenue was from online consumer loans and cash loan services Baitiao and Jintiao.
- Chinese regulators have tightened its scrutiny over financial services provided by internet platforms, which might influence JD Technology’s future decisions.
Editing by Miguel Cordon Jaclyn Tiu
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