Biz / Tech

JD.com raises US$3.9 billion in Hong Kong IPO

Ding Yining
JD is now the third overseas-listed Chinese Internet giant, following Alibaba and NetEase, to seek a secondary listing in Hong Kong.
Ding Yining
JD.com raises US$3.9 billion in Hong Kong IPO
Ti Gong

CEO of JD Retail Xu Lei is joined by six JD merchants and suppliers at JD.com's secondary listing ceremony. 

JD.com's secondary listing raised US$3.9 billion on Thursday, and shares jumped more than 5.7 percent in morning trading from their offering price of HK$226 (US$29). 

Shares closed at HK$234 with 3.54 percent increase after JD sold 133 million new shares via the listing as several other Internet firms based in China are now preparing similar offerings in Hong Kong.

The debut also falls on a mid-year sales promotion which marks the firm's establishment on June 18, 1998.

"We will continue to drive supply chain technology advancement to improve consumers' living standards and continue to create value for our customers with our aim of becoming a most trusted company around the globe," said Xu Lei, CEO of JD Retail.  

"We want to share development results with investors and consumers through our secondary listing as we have absolute strong confidence in China's economic outlook," Xu said at the listing ceremony livestreamed from Beijing today. 

In the first quarter of 2020, JD saw revenue gains of 20.7 percent as digital retailing and delivery service became essential for basic daily necessities during coronavirus lockdown periods. 

The number of active buyers from mobile devices surged 46 percent from a year earlier in March. 

Online sales during the Labor Day holiday in the first week of May also surged 45 percent from a year ago. 

JD went public on the Nasdaq in 2014. It's now the third overseas-listed Internet giant, following Alibaba and NetEase, to seek a secondary listing as home-grown businesses look to stay closer to Asian investors. 

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