JD Technologies, the fintech subsidiary of Chinese e-commerce giant JD.com, has been forced to postpone its $2 billion Hong Kong IPO due to a lack of domestic regulatory approval. The company hoped to file its first documents with the Hong Kong Stock Exchange by the end of March, with an initial public offering to follow later in the year. However, it has yet to obtain China Securities Regulatory Commission (CSRC) certification, which is required for a domestically established business to list offshore. The postponement also presents a challenge to JD.Com’s new CEO, Lei Xu. Even if it ultimately escapes China’s regulatory delay, it’s unclear how JD Tech can provide redress to the regulator’s concerns, and on what timeline that can be accomplished.
China Scrutiny Stymies JD.Com Fintech Unit’s $2 billion Hong Kong IPO
