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China's JD spins off cloud and AI businesses to fintech unit

Published 03/31/2021, 07:09 AM
Updated 03/31/2021, 07:10 AM
© Reuters.

(Reuters) - Chinese e-commerce firm JD (NASDAQ:JD).com Inc said on Wednesday it had sold JD Cloud and artificial intelligence business to its financial technology unit for a combined valuation of 15.7 billion yuan ($2.40 billion).

The unit, JD Digits, will issue ordinary shares to JD.com as part of the transaction, taking JD.Com's stake to about 42%. (https://

The plans were originally announced in December last year. During the same month, JD spun off its health unit and listed it on the Hong Kong stock exchange. (https://

JD.com has been doubling down on its core e-commerce business where it competes with Alibaba (NYSE:BABA) Group Holding and Pinduoduo (NASDAQ:PDD) Inc.

($1 = 6.5532 Chinese yuan renminbi)

 

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