Robyn Mak Last Updated at January 18, 2016 22:03 IST JD.com is copying larger rival Alibaba with its own black-box finance unit. China's second-largest e-commerce group has just completed a fundraising which values its financial division at $7 billion. But investors can only guess at the subsidiary's financials. JD.com is a relative latecomer to the business of lending to web suppliers and consumers. At the end of 2013, it had outstanding loans worth just 100 million yuan ($15.2 million). By the end of September last year that figure had ballooned to 4.1 billion yuan. The loss-making online retailer currently finances these loans ... First Published: Mon, January 18 2016. 21:32 IST
China’s second largest e-commerce group, JD.com has completed a $1.1bn funding round to grow JD Finance, which has grown business lending 4,000% to ¥4.1bn ($600m) in Earlier this month. It also offers wealth management products, insurance and runs a crowdfunding platform. JD.com joins China's BAT (Baidu, Alibaba and Tencent in looking to capitalise on valuations in China’s digital financial services sector. two years, online lending platform, Lufax, controlled by Ping An Insurance, raised $12.bn valuing it at $18.5bn.