JD arm to raise fresh equity

JD Finance, the finance arm of China's second-largest e-commerce giant JD, said on Thursday it has signed binding agreements with investors to raise 13 billion yuan ($1.94 billion) in fresh equity that values the nascent company at 133 billion yuan.

Investors in this round include CICC Capital, a unit of investment bank China International Capital Corp, brokerage China Securities, private equity firm CITIC Capital and BOCGI, Bank of China's investment arm, JD Finance said in a statement.

According to JD Finance, the company will reach a valuation of 133 billion yuan after the closing of the fundraising, which is expected to be completed in the third quarter of 2018. The company also said it currently doesn't have an initial public offering plan.