JD Finance Subsidiary Receives Backing

JD.com Inc. has said that its financial subsidiary has raise $1 billion in financing. In this financing round, lead investors include Sequoia Capital China and China Taiping Insurance. They have valued the e-commerce company JD.com’s JD Finance subsidiary at $7 billion.

JD.com has said that it will continue to have majority ownership in JD Finance and that the transaction should be completed in the first half of the year.

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