Reported by Tencent
News, China's e-commerce giant JD.com
's (JD:NYSE) digital financial services arm JD Digit （JDD）is said to take the same IPO subscription strategy as Alibaba's Ant Group
, raising money via mutual funds.
Ant Group's IPO subscription plan has shocked the domestic banking industry because it is the first case that a company bypassed commercial banks to finance in an IPO - it endangered the dominant position of them in the market. After Ant, another giant JDD is rumored to adopt the same strategy, though no further details disclosed.