Suning Financial Services Co. Ltd., online financial service unit of Chinese e-commerce company Suning.com, plans to offload a 17.9 percent stake to secure 10 billion yuan ($1.5 billion).
The latest transaction values Suning Financial Services at $6.7 billion.
As part of the deal, Suning Financial Holdings will boost its stake to 45.9 percent and become the largest shareholder of Suning Financial Services, while Suning.com’s stake will be diluted to 41 percent.
In December 2017, Suning Financial Services secured $770.6 million from investors, valued at $4.7 billion.