China’s JD.com spins off VC-backed financial unit
Chinese online retailer JD.com has agreed to sell its entire 68.6% stake in its financial unit JD Finance, which is backed by Chinese investors including Sequoia Capital China, for RMB14.3 billion ($2.1 billion) in cash.
JD.com didn’t disclose the buyers or investors in the unit. JD Finance offers payment services and financial services such as small loans and wealth management to small merchants and consumers, much...
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