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JD Technology withdraws IPO application in Shanghai amid China’s fintech rule changes
- Fintech company JD Technology has pulled its IPO application in China’s Nasdaq-style Star Market
- The withdrawal came a day before parent JD.com completed a reorganisation that transferred its cloud and AI operations to JD Technology
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Fintech company JD Technology, a unit of e-commerce giant JD.com, has withdrawn its application for an initial public offering (IPO) in China’s Nasdaq-style Star Market amid sweeping regulatory changes in its industry.
The company, previously known as JD Digits and JD Finance, pulled its public listing application on March 30, according to a statement posted on the Shanghai Stock Exchange website on Friday.
The IPO withdrawal came a day before JD.com completed a reorganisation that transferred its cloud computing and artificial intelligence operations as well as other assets worth 15.7 billion yuan (US$2.4 billion) to JD Technology.
A JD.com spokeswoman did not immediately reply to a request for comment on Friday.
JD Technology was earlier said to be rethinking its IPO plans, according to a report by the South China Morning Post, citing two sources briefed about the discussions who declined to be named. The report said the fintech company planned to pull out its application and resubmit it at a future date.
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