JD.com's Internet finance arm lands $1.01 billion in funding

An advertisement for e-commerce retailer JD.com Inc in Shanghai. [Photo/China Daily]

Nasdaq-listed JD.com Inc announced on Saturday that its finance arm has landed 6.65 billion yuan ($1.01 billion) in financing from investors including Sequoia Capital China, China Harvest Investments and China Taiping Insurance.

The investors value the Internet finance company named JD Finance at 46.65 billion yuan. JD.com, a Beijing-based e-commerce enterprise, said in the statement that it will maintain majority ownership in JD Finance.

The transaction is expected to be completed in the first half of 2016, subject to customary closing conditions.

"We are delighted to welcome Sequoia Capital China, China Harvest Investments, China Taiping Insurance among other investors as partners in our fast-growing JD Finance business," said Richard Liu, CEO of JD.com.

"JD Finance has become a leading industry player by leveraging JD.com's e-commerce expertise and advantages in big data and technology to provide financial solutions to Chinese consumers, innovative start-ups and traditional enterprises. By partnering with top financial and start-up service institutions, we will be even better positioned to create China's leading financial technology ecosystem," he said.