JD health unit eyes US$3.5b Hong Kong IPO
The medical arm of Chinese e-commerce giant JD.com is looking to raise up to US$3.5 billion through a Hong Kong initial public offering, in what would be Asia's biggest ever health care listing, a report said on Wednesday.
JD Health International's share sale comes after its parent raised around US$4 billion in the city this year and comes as it sees a rise in demand for its services during the pandemic.
The firm, China's biggest online health care platform and retail pharmacy according to its prospectus, is looking to sell 381.9 million shares at HK$62.80 (US$8.2) to HK$70.60 each, raising as much as HK$27 billion, Bloomberg News said.
That would value the company at as much as US$28.5 billion. It is aiming to list on December 8, AFP understands.
Hong Kong has seen a spate of IPOs in 2020, delivering a shot in the arm for the financial hub.
JD.com's sale in June came around the same time as another tech firm, NetEase, raised US$2.7 billion and followed Beijing-Shanghai High Speed Railway's US$4.3 billion listing in January.
However, the share market was dealt a blow earlier this month when the listing of Ant Group, the financial arm of JD rival Alibaba, was postponed due to regulatory risks.
JD Health's total revenue rose to 8.8 billion yuan (US$1.34 billion) in the first half of 2020 from 5 billion yuan in the same period last year, it said in its prospectus.
