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Monday, September 21, 2020, 22:57
JD.com to spin off health unit, list in Hong Kong
By Reuters
Monday, September 21, 2020, 22:57 By Reuters

This screenshot taken on Sept 18, 2020 shows the website of JD Health.

JD.com is planning to spin off its health unit and list it on the Hong Kong Special Administrative Region (HKSAR) stock exchange, the Chinese mainland e-commerce retailer said on Monday.

The plans for JD Health International Inc comes as mainland companies are putting off plans for US listings amid tensions between the world’s top two economies, while those listed in New York are seeking to return to exchanges closer to home.

JD.com, which is listed on the Nasdaq in New York, had raised about US$3.87 billion in its HKSAR secondary listing earlier this year

JD.com, which is listed on the Nasdaq in New York, had raised about US$3.87 billion in its HKSAR secondary listing earlier this year.

ALSO READ: JD Health 'plans US$1 billion HK IPO filing this month'

Its US-listed shares fell nearly 2 percent in premarket trading following Monday’s announcement.

JD.com said the timing of divestiture and unit listing will depend on market conditions, and there is no assurance as to whether the process will be completed.

Hong Kong Exchanges and Clearing Ltd said last month a trend of secondary listings by New York-listed mainland companies would bolster its prospects.

READ MORE: China's tech firms help fight epidemic globally

E-commerce giant Alibaba completed its secondary listing in the HKSAR last year. Other companies including travel firm Ctrip and Baidu were considering HKSAR listings, Reuters reported earlier this year.


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