JD gets nod for Allianz China stake

Regulators greenlight e-commerce giant's bid to acquire 30% holding

E-commerce giant JD has received the regulatory nod to buy a 30 percent stake in the Chinese unit of global insurance company Allianz SE, furthering its push into the country's financial services sector.

JD has gained approval to invest 483 million yuan ($71.2 million) for a stake in Allianz China General Insurance Co Ltd, the China Banking and Insurance Regulatory Commission said in an online notice released late on Tuesday.