THE Shanghai Stock Exchange said Friday that it had terminated the planned initial offering (IPO) in JD Technology, the fintech unit of one of China’s largest online shopping platforms.

The exchange said in a statement that it had terminated the listing review after JD Technology on Tuesday submitted a request to withdraw its public listing application.

JD Technology, renamed from JD Digits since absorbing JD.com’s businesses in artificial intelligence and cloud computing in January, had aimed to list on the Nasdaq-style STAR Market of the Shanghai exchange.

The South China Morning Post quoted unnamed sources as saying last month that the company feels it’s appropriate to withdraw the IPO plan because its name, its business and its senior management team have all changed since the initial listing plan was first filed.

Any postponement in the listing of JD Technology, 36.8 percent owned by JD.com, would not be a heavy blow to the e-commerce company, as investors are convinced of the company’s business prospects and are unlikely to force the parent into a buyout, the newspaper quoted the sources as saying. (SD-Agencies)