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JD Finance raise $1.9 billion for valuation of more than $20 billion's JD Finance aims to raise US$1.9 billion. A source said Inc.'s financial unit sought to raise about 12 billion yuan in fresh equity to double up valuations from last year to more than US$20 billion, a source said.

The unit of China's second-largest e-commerce company seeks to deepen its business into areas including securities, banking and insurance. This step adds to Chinese technology companies wanting to respond to the growing demand for digital services, especially in the financial sector.

Tinuku JD Finance raise $1.9 billion for valuation of more than $20 billion

A source said the fundraising by JD Finance began at the end of last year and is expected to be completed in the coming weeks. JD Finance has a valuation of about 60 billion yuan (US$9.5 billion) when it is separated from its parent company by mid 2017. Valuations have grown to about 120 billion yuan ahead of the recent fundraising.

The participating investors include China International Capital Corp.'s (CICC) Qiyuan National New Industry Venture Capital Guidance Fund, COFCO and China Merchants Group. JD Finance is primarily for online financial services and products including consumer credit and wealth management.

Other technology giants seeking to expand valuations including Alibaba's Ant Financial operating Alipay have raised up to US$5 billion with valuations in excess of US$100 billion. Baidu Inc. is also seeking new investors for a wholly-owned financial unit in a deal that generates up to US$2 billion.


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