JD.COM Inc.’s finance arm has raised at least 13 billion yuan (US$1.96 billion) in fresh equity from Chinese investors, doubling its valuation ahead of an expected initial public offering (IPO), sources with direct knowledge of the matter said. The fundraising underscores investor enthusiasm for big, privately-held Chinese technology companies even as public valuations falter. JD Finance’s fundraising round, which kicked off late last year, establishes its valuation at 120 billion yuan, the sources said. The valuation is double the roughly 60 billion yuan JD Finance was estimated to be worth after it was split from JD.com, China′s second-largest e-commerce firm, in mid-2017. More investors could yet join the fundraising, said one of the sources, meaning that JD Finance’s final valuation may rise further. Big investors in this round include CICC Capital, a unit of investment bank China International Capital Corp. (CICC), brokerage China Securities, private equity firm CITIC Capital and BOCGI, Bank of China’s investment arm, the sources said. JD Finance, whose financial offerings include consumer credit and wealth management products, said it currently doesn’t have an IPO plan. (SD-Agencies) |