京東其金融科技部門在2018年之前一直被稱為京東金融（JD Finance），后來(lái)更名為京東數(shù)字（JD Digits），并于今年1月更名為京東科技（JD Technology）

此部門吸收京東的人工智能和云計(jì)算業(yè)務(wù)

京東科技（JD Technology）是中國(guó)最大的網(wǎng)上購(gòu)物平臺(tái)之一，旗下的金融科技子公司，由于上市后商業(yè)環(huán)境的變化，該公司可能會(huì)退出上海科創(chuàng)板的首次公開發(fā)行（IPO）

據(jù)消息人士透露，螞蟻集團(tuán)去年11月的股票拋售被叫停。

該公司，1月從JD Digits更名為京東網(wǎng)的businessesin人工智能和云計(jì)算，5月重新提交了申請(qǐng)。

據(jù)兩位消息人士介紹,該公司認(rèn)為撤回IPO計(jì)劃是合適的，因?yàn)楣镜拿Q、業(yè)務(wù)和高級(jí)管理團(tuán)隊(duì)都發(fā)生了變化。

京東持有京東數(shù)科36.8%股份,京東科技推遲上市，投資者認(rèn)為不會(huì)對(duì)這家電子商務(wù)公司造成沉重打擊，因?yàn)樗麄兩钚殴镜臉I(yè)務(wù)前景不會(huì)要求這家公司的母公司全部收購(gòu)。公司高管京東和京東科技在北京沒有回應(yīng)置評(píng)請(qǐng)求。

JD Technology, the fintech unit of one of China’s largest online shopping platforms, is likely to withdraw its

initial public offering (IPO)

from Shanghai’s Star Market, amid changing business circumstances after the halt of Ant Group’s stock sale last November, according to sources. The company, renamed from JD Digits since absorbing

JD.com’s businesses in artificial intelligence and cloud computing in January, may resubmit a listing application in future, according to two sources briefed about ongoing discussions who declined to be named.

The company feels it’s appropriate to withdraw the IPO plan because its name, its business and its senior management team have all changed since the initial listing plan was first filed, said one source who is involved in the listing discussions.

Any postponement in the listing of JD Technology, 36.8 per cent owned by JD.com, would not be a heavy blow to the e-commerce company, as investors are convinced of the company’s business prospects and are unlikely to force the parent into a buy-out, another source said. Executives of JD.com and JD Technology in Beijing did not respond to requests for comment.

Workers sort out packages for delivery at JD.com's Yizhuang Smart Delivery Station in Beijing on November 11, 2020. Photo: Simon Song

京東科技的IPO申請(qǐng)暫時(shí)擱置。上海證券交易所（SSE）和中國(guó)證監(jiān)會(huì)（CSRC）既沒有批準(zhǔn)，也沒有駁回這一申請(qǐng)。記者未能聯(lián)系到交易所運(yùn)營(yíng)商和證券監(jiān)管機(jī)構(gòu)的發(fā)言人評(píng)論金融科技部門在過去三年中至少兩次改名。京東金融（jdfinance）在2018年之前一直被稱為jdfinance，該部門去年9月申請(qǐng)?jiān)诳苿?chuàng)板融資約200億元人民幣（31億美元）。兩個(gè)月后，中國(guó)金融監(jiān)管機(jī)構(gòu)發(fā)布了一系列新規(guī)定，以控制金融科技的增長(zhǎng)，特別是向消費(fèi)者和小企業(yè)提供的小額在線貸款。

The IPO application by JD Technology is sitting in abeyance. The Shanghai Stock Exchange (SSE) and the China Securities Regulatory Commission (CSRC) have neither given their approval, nor rejected the application. Spokespeople at the bourse operator and the securities regulator could not be reached to comment.

The fintech unit changed its name at least twice in the last three years. Known as JD Finance until 2018, the unit filed to raise an estimated 20 billion yuan (US$3.1 billion) last September on the Star Market. That was two months before China’s financial regulators published a raft of new rules to rein in the growth of fintech, particularly insmall online loans to consumers  and small businesses.

京東2013年分拆fintech部門，去年上半年的收入中，網(wǎng)購(gòu)消費(fèi)貸款和現(xiàn)金貸款服務(wù)來(lái)自京東白條和金條的收入占43%，較2019年全年38%增長(zhǎng)5個(gè)百分點(diǎn)。京東數(shù)字的上市招股說(shuō)明書上一次公司披露IPO的信息是在10月12日，當(dāng)時(shí)該公司在261頁(yè)上提供了對(duì)上證所查詢的答復(fù)文件，3個(gè)星期后，在上市交易48個(gè)小時(shí)之前，中國(guó)監(jiān)管機(jī)構(gòu)取消了在香港和上海的螞蟻集團(tuán)的雙重上市，該公司正在尋求籌集396億7000萬(wàn)美元，這將是全球金融史上規(guī)模最大的融資。

JD.com’s fintech unit, spun off in 2013, earned 43 per cent of last year’s first-half revenue from online consumer loans and cash loan services Baitiao and Jintiao, a growth of 5 percentage points from 38 per cent for the whole of 2019. according to JD Digits’ listing prospectus.

The last time the company made any disclosure concerning its IPO was on October 12, when it provided answers to the SSE’s queries in a 261-page document.

Three weeks later, Chinese regulators  halted the dual listing of Ant Group in Shanghai and Hong Kong, which was seeking to raise US$39.67 billion in what would have been the largest capital raising in global financial history, 48 hours before shares were due to begin trading.

Ant Group is an affiliate of this newspaper’s owner Alibaba Group Holding.

China leads in big tech lending Source: BIS

此后，監(jiān)管機(jī)構(gòu)發(fā)布了一系列新的監(jiān)管規(guī)定，對(duì)互聯(lián)網(wǎng)平臺(tái)和科技公司提供的金融服務(wù)進(jìn)行隔離，極大地改變了螞蟻集團(tuán)的經(jīng)營(yíng)環(huán)境，京東科技及其他金融科技新的公司這項(xiàng)規(guī)定要求在線貸款機(jī)構(gòu)向銀行提供的任何貸款中，至少有30%的資金到位。他們還必須拿出50億元的注冊(cè)資本來(lái)提供跨省網(wǎng)上貸款。個(gè)人貸款規(guī)模上限為30萬(wàn)元，即最近三年平均年收入的三分之一，以兩者中的三分之一為準(zhǔn)低一點(diǎn)。那個(gè)這些規(guī)則的結(jié)合可能會(huì)影響公司的盈利能力京東或者要求公司縮小規(guī)模，上海德恒律師事務(wù)所（DeHeng Law Shanghai）合伙人趙志東表示：“除非金融服務(wù)不再是京東科技的主營(yíng)業(yè)務(wù)，否則京東科技必須進(jìn)行重組，以符合小額貸款的規(guī)定，就像螞蟻集團(tuán)一樣。”京東正推動(dòng)業(yè)務(wù)轉(zhuǎn)型，京東公司首席合規(guī)官李亞云出任金融科技部門首席執(zhí)行官。

Regulators have since published a slew of new regulations

to ring-fence the financial services offered by internet platforms and technology companies, significantly changing the business environment for Ant Group, JD Technology and other fintech companies.A

new rule requires online lenders to fund at least 30 per cent

of any loan they extend with banks. They must also put up 5 billion yuan in registered capital to offer online loans across provincial borders. The size of the loans are capped at 300,000 yuan for individuals, or one third of their average annual income for the last three years, whichever is lower.

The combination of the rules could either affect the profitability of JD.com’s fintech business, or require the company to scale down, or else pony up more capital to support its ambitions.

“Unless financial service is no longer the main business of JD Technology, it has to restructure to comply with the regulation for microlending, just like Ant Group,” said Zhao Zhidong, a partner at DeHeng Law Shanghai Offices.

JD Technology put its business transformation into overdrive, promoting JD.com’s chief compliance officer Li Yayun to the fintech unit’s chief executive, replacing Chen Shengqiang. Li, JD.com’s Communist Party secretary, had never been in charge of a business unit before at the group.

Big tech lending surges past fintech. Source BIS.

對(duì)于京東科技來(lái)說(shuō)，這并不全是壞消息。科創(chuàng)板在上市批準(zhǔn)方面是靈活的。它接受非盈利公司的申請(qǐng)，并建立了以注冊(cè)制為基礎(chǔ)的上市制度，京東網(wǎng)還可以利用其遍布中國(guó)監(jiān)管范圍的各種企業(yè)。央行選擇了京東成為首個(gè)試水中國(guó)主權(quán)數(shù)字貨幣平臺(tái).JD.com他還是普道信用（Pudao Credit）的主要投資者，普道信用是中國(guó)第二家獲準(zhǔn)收集個(gè)人信用數(shù)據(jù)的公司。螞蟻集團(tuán)旗下的支付寶和騰訊控股旗下的微信支付是2018年一家名為百航信用的數(shù)據(jù)采集企業(yè)的共同投資者。

It’s not all bad news for JD Technology. The Star Market, launched under an edict by President Xi Jinping to

nurture China’s home-grown technology champions

and start-ups, is flexible in its listing approvals. It accepts applications by non-profitable companies, and has instituted a registration-based listing regime.

JD.com could also make use of its various ventures spread across the Chinese regulatory spectrum. The central bank picked JD.com to be the first e-commerce platform for its trial of China’s sovereign digital currency.

JD.com is also a key investor in Pudao Credit

, the second company licensed to collect personal credit data in China. Ant Group’s Alipay and

Tencent Holdings’ WeChat Pay were co-investors of a 2018 data-collection venture called Baihang Credit

.

德恒律師事務(wù)所的趙律師表示，京東重組旗下部門也凸顯了這一問題，“如果公司只是通過將云技術(shù)推向前臺(tái)來(lái)微調(diào)業(yè)務(wù)，那么京東科技在律師等專業(yè)人士的幫助下，IPO獲得批準(zhǔn)還是有可能的。”。“如果該公司希望以金融科技公司的身份上市，那么它將需要進(jìn)行重組，以符合相關(guān)規(guī)定。”

The efforts by JD.com to restructure its unit also underscored what’s at stake, said Zhao of DeHeng Law.

“If the company is merely fine-tuning its business by moving cloud technology forward to the front, it might still be possible for JD Technology to have its IPO approved, with the help of professionals like lawyers, brokers and investment institutions,” he said. “If the company wants to list as a fintech company, then it will need to restructure to comply with the regulations.”