JD Fintech Arm Seeks to Raise CNY20.37B via Shanghai IPO

 

Jingdong Digits Technology, the finance technology arm of Chinese online retailer JD.com Inc., has filed for an initial public offering in Shanghai.
Jingdong Digits seeks to raise as much as 20.37 billion yuan ($2.98 billion) via the listing on Shanghai’s Star Market, according to a prospectus filed on Friday.
The company said it plans to use the proceeds to fund business expansion and to replenish working capital.
Jingdong Digits, which was separated from JD.com in 2013, provides digitalization services for customers, including financial and government institutions.
The company said it made a net loss of CNY669.8 million in the first half of the year.