JD.com subsidiary JD Finance has raised RMB6.65 billion (US$1 billion) in financing from a fund-raising round with backers including Sequoia Capital China and China Taiping Insurance, The Wall Street Journal reported, citing an announcement from the Chinese e-commerce firm. JD.com said it would maintain majority ownership of its finance subsidiary, now valued at RMB46.65 billion and which is being positioned as a rival to Alibaba’s financial affiliate Ant Financial Services Group. Ant Financial, which operates Alibaba’s Alipay online payment system, raised over RMB12 billion in 2015 from its first round of financing, reportedly valuing the company in the tens of billions of dollars.
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