JD.com May Seek Secondary Listing in Hong Kong in May or June

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: Alibaba’s Ant Group Launches Blockchain-Based Platform to Streamline Cross-Border Trade; Chinese Electric Vehicle Startup Xpeng Receives Investment to Build Production Base in Guangzhou; Chinese Biotech Firm Creative Biosciences Raises $88m From IDG, CDH, Others

LATEST: Trending in China: The View from China on U.S. Presidential Election Debate Antics; Trending in China: Disneyland Shanghai Hotel Prices Rocket to Over $1,000 a Night; Chinese Bitcoin Mining Machine Maker Ebang Establishes Canadian Subsidiary; Trending in China: Team Effort VS Individualism - What is the Message Behind Box Office Smash Hit Volleyball Movie Leap?; Tencent Leads Over $100m Funding in Pet Clinic Operator New Ruipeng; Watch Out Alipay and WeChat, Trip.com Is Getting Into Online Payments; Search Engine Sogou Joins Exodus of Chinese Firms From Wall Street as Tencent Takes It Private; Huawei Showcases Smart Car Technologies at Beijing Auto Show; Trending in China: A David and Goliath Battle - Students Take on a Chinese Tech Giant and Win; Chinese Drug Manufacturer InventisBio Bags $147m Led by Hillhouse Capital; Profits of Weibo Soar Even as Revenue Falls; Chinese Electric Vehicle Startup Xpeng Receives Investment to Build Production Base in Guangzhou; Video Site Operator Mango Plans to Raise $660 Million to Expand Content Library; Chinese Biotech Firm Creative Biosciences Raises $88m From IDG, CDH, Others; Alibaba’s Ant Group Launches Blockchain-Based Platform to Streamline Cross-Border Trade; Trending in China: Mission Impossible? Young Environmental Hero Tries To Clean Up Tibet; Chinese Online Travel Agency Trip.com Sees Revenue Plummet As Covid-19 Fallout Lingers; Chinese Supply Chain Provider Xingyun Closes $200m in a Series C Round; Chinese EV Charging Operator Star Charge Nabs $125m Co-Led by Schneider, CICC; Trending in China: One of China’s Weirder Poverty Alleviation Programs Goes Viral with 100m Plus Views

By Yuan Ruiyang, Qu Yunxu and Ding Yi / Mar 17, 2020 05:28 PM / Business & Tech

Photo: VCG

Online retailer JD.com is mulling a secondary listing in Hong Kong in May or June, joining the ranks of overseas-listed Chinese companies with plans to dual list in the former British colony, a source with knowledge of the matter told Caixin.

The Beijing-headquartered company has selected Citibank, UBS and CLSA as the lead underwriters for the listing, the source said. UBS was one of the investment banks underwriting JD.com's 2014 IPO in New York.

The offering size would not be determined until mid-April amid uncertainties over the current market volatility, the source added.

According to Hong Kong Stock Exchange rules, JD.com can file a confidential listing application with the bourse.

JD.com declined Caixin’s request for comment.

Earlier this month, JD.com released its fourth-quarter earnings report, which showed that its quarterly revenue rose by 26.6% year-on-year to 170.7 billion yuan ($24.4 billion), beating consensus estimates of 167 billion yuan. The company’s adjusted net income of 811 million yuan also beat analysts’ average estimate of 718 million yuan.

Market observers say that the success of Alibaba’s $12.9 billion secondary listing in Hong Kong last November could spur many other U.S.-traded Chinese firms including Baidu, NetEase and Ctrip to follow suit.

Contact reporter Ding Yi (yiding@caixin.com)

Share this article

Open WeChat and scan the QR code