JD Finance denied recent reports the company plans to list on China's A-share market in 2019-2020, Securities Daily reported on Tuesday.

A relevant official at JD Finance told the newspaper the company has no IPO timetable at present, and the media’s reports of $2 billion in fundraising by JD Finance was not true.

Earlier media reported JD Finance, a division of China's second-largest e-commerce firm JD.com, plans to list on China's A-share market in 2019 or 2020, and its market value is expected to be 400-500 billion yuan.

Furthermore, the company is looking to raise capital that could see its value rise to more than $20 billion.

Last year, JD.com completed a spinoff of JD Finance, which was seen as a preparatory move toward its listing on a domestic stock exchange, as well as obtaining more financial licenses.

In January 2016, JD Finance raised 6.65 billion yuan ($1.05 billion) from investors such as Sequoia Capital China, China Harvest Investments and China Taiping Insurance. The financing valued JD Finance at 46.65 billion yuan.