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Wednesday, November 25, 2020, 00:16
JD Health 'to raise US$4b in HK's largest IPO of 2020’
By Reuters
Wednesday, November 25, 2020, 00:16 By Reuters

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

HONG KONG - JD Health, the healthcare arm of the Chinese mainland e-tailer JD.com Inc, aims to raise up to US$4 billion in the Hong Kong Special Administrative Region’s largest initial public offering (IPO) of 2020, three people with direct knowledge of the matter told Reuters.

The share sale, which starts on Wednesday, will help the HKSAR to its busiest year for IPOs and secondary listings since 2010 when issuers raised US$57.39 billion, Refinitiv data showed.

Listings in HKSAR so far this year have been worth US$39.1 billion, versus US$40.2 billion last year, data showed

Listings in HKSAR so far this year have been worth US$39.1 billion, versus US$40.2 billion last year, the data showed.

JD.com announced plans in September to spin off what, in its draft prospectus, it called the mainland’s largest online healthcare platform.

Bookbuilding will open to institutional and retail investors on Wednesday, the people said, declining to be identified as the information was private.

ALSO READ: JD.com to spin off health unit, list in Hong Kong

Trading of the shares on the HKSAR stock market is due to start in the second week of December, said a separate person with direct knowledge of the matter.

JD.com did not immediately respond to a request for comment.

The fundraising was first reported on Monday by IFR.

JD.com raised US$4.4 billion through a secondary listing in June - HKSAR’s largest deal so far this year. The city’s largest IPO of 2020 to date was that of China Bohai Bank Co Ltd at US$2 billion in July, Refinitiv data showed.

JD Health’s listing reflects continued strength in the HKSAR’s capital markets after Ant Group’s US$37 billion Hong Kong-Shanghai IPO was pulled this month.

China Evergrande Group is spinning off its property services business to raise as much as US$2.04 billion in an HKSAR listing, set to be priced on Thursday.

Liquid detergent maker Blue Moon, backed by Hillhouse Capital, is set to raise at least US$1 billion by year-end having gained IPO approval after a listing committee hearing last week.

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

Short-video firm Kuaishou Technology has filed to conduct an HKSAR IPO by January that could raise up to US$5 billion.


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