JD.Com’s Fintech Arm Drops Brokers Citic, Huajing as IPO Advisors
Xu Wei
DATE:  Sep 04 2020
/ SOURCE:  Yicai
JD.Com’s Fintech Arm Drops Brokers Citic, Huajing as IPO Advisors JD.Com’s Fintech Arm Drops Brokers Citic, Huajing as IPO Advisors

(Yicai Global) Sept. 4 -- JD Digital Technology, the fintech services affiliate of Chinese e-commerce giant JD.Com, is no longer taking pre-listing advise from Huajing Securities and Citic Securities, China’s largest brokerage.

JD Digits, as the firm is also known, has terminated its contracts with the pair, according to a statement posted on the website of the China Securities Regulatory Commission's Beijing bureau yesterday. No reason was given and none of the parties has commented.

Beijing-based JD Digits still has two IPO advisors: Guotai Junan Securities and Minmetals Securities.

Formerly know as JD Finance, the company is looking to issue shares on Shanghai's Star Market, a year-old board focused on innovative science and technology businesses. Meanwhile, fintech rival Ant Group is preparing to list in Shanghai and in Hong Kong in what could be the world’s biggest-ever floatation.

Last month, JD.Com invested a further CNY1.8 billion (USD260.2 million) into JD Digits to boost its stake to 36.8 percent from 35.9 percent. Based on that, the company could be worth CNY197.8 billion (USD28.9 billion).

JD Finance announced its name change and an expansion of its business scope into agriculture and digital marketing in 2018. Since then, the company has turned toward artificial intelligence, smart cities and robotics, according to its website.

Editor: Emmi Laine  

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Keywords:   JD.com,Securites,IPO,JD Digits