JD to offload 69% holding in its finance unit for $2 billion

Nasdaq-listed JD, a Chinese online marketplace, said it has agreed to sell its 68.6 percent stake in its finance unit, JD Finance, for 14.3 billion yuan ($2.07 billion) in cash by the middle of this year, which is expected to pave the way for the latter's listing eventually.

JD did not identify the buyer. Nor did it indicate how it intends to deploy the proceeds.

JD Finance is valued at about $7 billion, suggesting the 68.6 percent stake to be offloaded by JD may have been worth $4.8 billion by current market estimates.