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
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.
A JD.com spokeswoman did not immediately reply to a request for comment on Friday.
Regulators have since published a slew of new rules covering financial services offered by internet platforms and technology companies to guard against certain financial risks.
In January, JD Technology named Li Yayun as its new chief executive, replacing Chen Shengqiang. Li, who served as JD.com’s chief compliance officer and the Communist Party secretary in the company, had never been in charge of a business unit before.