In a regulatory filing, JD.com announced that on December 30 its board of directors authorized the company to explore the feasibility and terms of a potential spin-off of the company’s JD Cloud & AI business to Jingdong Digits Technology Holding Co., or “JD Digits,” in which the company owns a significant minority stake, in exchange for certain equity interest in JD Digits. “Assuming the potential transaction takes place, JD Digits will be better positioned to deliver a suite of cutting-edge technology services to its business partners, while the company will continue to focus on its core competences and synergistic businesses to better serve customers. The independent audit committee of the Board intends to work with third-party professional advisors to evaluate the detailed terms in connection with the aforementioned potential transaction. The transaction will be subject to the audit committee’s review and approval and ultimately the Board’s further consideration and approval, as well as any regulatory and other approvals if necessary. There can be no assurance that the transaction will occur as a result of this exploration process or, if undertaken, the terms or timing thereof. Separately, on December 30, 2020, Mr. Zhenhui Wang resigned from his position as chief executive officer of JD Logistics, Inc. The Board has appointed Mr. Rui Yu, former chief human resources officer of the company, as the chief executive officer of JD Logistics,” the filing stated.