JD.com is copying larger rival Alibaba with its own black-box finance unit. China's second-largest e-commerce group has just completed a fundraising which values its financial division at $7 billion. But investors can only guess at the subsidiary's financials. JD.com is a relative latecomer to the business of lending to web suppliers and consumers. At the end of 2013, it had outstanding loans worth just 100 million yuan ($15.2 million). By the end of September last year that figure had ballooned to 4.1 billion yuan. The loss-making online retailer currently finances these loans ...
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