Chinese e-commerce giant JD.com has agreed to buy one third of Allianz China for RMB536.6 million ($85.4 million), Caixin Global reports, as part of a wider fundraising initiative by the German Insurer’s China subsidiary.
According to a company filing made by Allianz on Monday, JD.com will become Allianz China’s second largest shareholder after the parent Allianz Group. The purchase pushes Allianz China considerably closer to its target of RMB805 million raised.
JD.com, alongside other Chinese tech giants such as Alibaba and Tencent, is trying to deepen its presence in the financial sector. It’s finance arm JD Finance, launched as a separate company last year, offers small loans and wealth management services to Chinese customers. It was valued at RMB50 billion in March 2017.