JD Digits
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Overview
JD Digits — now JD Technology — is the fintech and digital-technology affiliate of JD.com, founded as JD Finance and deconsolidated from JD.com's financial statements on June 30, 2017 after JD sold a 68.6% stake in the unit for CNY 14.3 billion. The company rebranded from JD Finance to JD Digits in November 2018 as it expanded from consumer and merchant finance into broader digital technology services. In June 2020, JD.com agreed to acquire an additional equity stake in JD Digits for CNY 1.78 billion, bringing its total holding to 36.8% and valuing the company at nearly CNY 200 billion. JD Digits filed a prospectus with Shanghai's STAR Market on September 11, 2020, seeking to raise about CNY 20.4 billion (roughly $3 billion), and in December 2020 replaced CEO Chen Shengqiang with JD.com's chief compliance officer Li Yayun amid tightening Chinese fintech regulation following Ant Group's suspended IPO. On March 31, 2021, JD.com sold its cloud-computing and AI businesses into JD Digits in a transaction valuing them at CNY 15.7 billion, and the unit rebranded as JD Technology in January 2021. JD Technology withdrew its STAR Market IPO application in April 2021 and remains a private company.
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