A group of investors led by CITIC Capital, CICC Capital, Bank of China Group Investment and CITIC Securities has agreed to invest CNY13 billion (approximately US$2 billion) in JD Finance, the consumer credit and wealth management spinout of China-based e-commerce retailer JD.com. JD Finance spun out from JD.com in 2017 in order to become a fully Chinese-owned entity for regulatory reasons. The company reportedly plans to use the funds to invest in local financial institutions and acquire securities and banking licenses. The transaction, which values the company at CNY133 billion (approximately US$20 billion), is subject to customary closing conditions and expected to be completed in the third quarter of 2018.