JD.com (JD), a Chinese e-commerce company, has stepped up efforts to focus on its core e-commerce business. The company has now spun off its cloud and AI businesses, according to an announcement Wednesday.

These assets have been sold to JD Digits, the company’s financial technology unit, for RMB 15.7 billion ($2.40 billion U.S.). JD Digits will issue ordinary shares to JD.com as part of the transaction, raising JD.com’s equity to 42%.

JD.com faces strong competition from e-commerce giant Alibaba (BABA) and Pinduoduo (PDD), both of which have been expanding aggressively in China’s lower income regions. Last December, the company spun off its health unit, which is now listed on the Hong Kong Stock Exchange.

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