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

---

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

---

(Reuters) - Chinese e-commerce firm 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://bit.ly/3dkKavz)

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://bit.ly/2Pk7Wje)

JD.com has been doubling down on its core e-commerce business where it competes with Alibaba Group Holding and Pinduoduo Inc.

($1 = 6.5532 Chinese yuan renminbi)

(Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli and Sriraj Kalluvila)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• JD.com, Inc (JD) PT Lowered to $110 at CLSA
• Magnitude 5.9 earthquake hits southern Iran -TV
• Most Americans want to end lifetime Supreme Court appointments: poll