JD.com takes 33pc stake in Allianz ChinaBusiness | Janice Huang and Reuters 17 Apr 2018
JD.com will invest 536.6 million yuan (HK$670.38 million) for a 33 percent stake in the China unit of global insurance giant Allianz, the companies said, as part of the Chinese e-commerce firm's push into financial services.
The investment will make JD.com the second largest shareholder in Allianz China.
JD.com spun out its finance unit in 2017 and earlier this month Reuters reported it aims to raise US$1.9 billion in fresh equity that will potentially double the unit's value to $20 billion yuan.
JD Finance offers wealth management and credit services which complement sales on its e-commerce platform.
The firm's investment in the Allianz unit comes as other Chinese tech firms are also investing heavily in the country's burgeoning online finance sector, including top e-commerce rival Alibaba Group and search firm Baidu.
JD.com's investment is still subject to approval from the China Banking Regulatory Commission.
Meanwhile, JD also said it will partner with mainland retail conglomerate China Resources Vanguard, saying that Vanguard's retail shops in Hangzhou and Nanjing will be the first batch of partnership stores to be available on JD.com's online-to-offline platform.
The new deal means that users will be able to purchase directly from Vanguard' s offline stores via JD Daojia, the O2O arm of JD.
The partnership will extend to Vanguard's 2,000 retail stores in mainland China.