JD.com is in talks to buy part or all of a stake in brokerage Sinolink Securities worth at least $1.5 billion, three people said, as the e-commerce major aims to bolster its financial services operations.
A deal to buy the stake from Sinolink's largest shareholder, Yongjin Group, would be the biggest bet in acquisition value terms by Beijing-based JD.com in China's $45 trillion financial market.
"The valuable brokerage licence is key for tech giants to monetise their huge online traffic and grow into bigger firms, as otherwise they have to direct such traffic to other financial institutions," one of the sources said.
China's second biggest e-commerce company by revenue started discussions with Yongjin late last year, seeking to buy part or all of its 27 per cent stake, said two of the people with direct knowledge of the matter.
Based on Sinolink's market value of $6bn on Thursday, a 27 per cent stake would be worth about $1.5bn, Reuters calculations showed.
After Reuters reported the discussions, Sinolink shares jumped by their maximum 10 per cent daily limit on Friday, reversing earlier losses.
The potential deal comes as Chinese tech majors look to expand into financial services despite a regulatory crackdown on some parts of the sector, sources said.
JD.com draws the bulk of its revenue from its core e-commerce business and owns only a few small financial licences, mainly offering online services including consumer credit and wealth management products.
It has long eyed a foray into the fast-growing brokerage industry, which was worth $1.4tn by the end of 2020, the same two people said.
Chengdu-based Sinolink was just outside the top 20 biggest brokerages in China by operating revenue in 2019, official data showed. Its business includes stock broking, sponsoring and underwriting equity and debt deals, financial advisory and wealth management.
China's top two tech giants, Alibaba and Tencent, hold stakes in leading investment bank China International Capital. Alibaba has also invested in large broker Huatai Securities, while Tencent has backed Hong Kong-based online brokerage Futu Holdings.
Refinitiv shows JD.com has only made two deals in the financial sector - its investment in online platform for automotive financing Yixin Capital's $550 million fundraising in 2016, and another worth an undisclosed amount in China Taiping Insurance Holdings' financial services unit in 2018.
The JD.com-Yongjin talks were at an early stage and subject to change, cautioned the sources, who declined to be identified because of confidentiality constraints.
Sinolink said its controlling shareholder had not discussed with JD.com the sale of part or all of its stakes, and the firm did not have information to disclose.
JD.com and Yongjin did not immediately respond to requests for comment.
Aayan%E2%80%99s%20records
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The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Killing of Qassem Suleimani
The years Ramadan fell in May
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The%20specs
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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57%20Seconds
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The%20specs%20
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The low down
Producers: Uniglobe Entertainment & Vision Films
Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The%20specs%3A%202024%20Mercedes%20E200
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The%C2%A0specs%20
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SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500