JD Finance denied recent reports the company plans to list on China's A-share market in 2019-2020, Securities Daily reported on Tuesday.

A relevant official at JD Finance told the newspaper the company has no IPO timetable at present, and the media’s reports of $2 billion in fundraising by JD Finance was not true.

Earlier media reported JD Finance, a division of China's second-largest e-commerce firm JD.com, plans to list on China's A-share market in 2019 or 2020, and its market value is expected to be 400-500 billion yuan.

Furthermore, the company is looking to raise capital that could see its value rise to more than $20 billion.

Last year, JD.com completed a spinoff of JD Finance, which was seen as a preparatory move toward its listing on a domestic stock exchange, as well as obtaining more financial licenses.

In January 2016, JD Finance raised 6.65 billion yuan ($1.05 billion) from investors such as Sequoia Capital China, China Harvest Investments and China Taiping Insurance. The financing valued JD Finance at 46.65 billion yuan.

People stand at JD Finance's booth during an expo in Beijing, April 27, 2018. [Photo/VCG]