JD Logistics, a subsidiary of Chinese e-commerce giant JD.com, has asked banks to pitch for its Hong Kong IPO of up to $3 billion as part of plans to launch a deal in the first half of 2021, Reuters reported on Thursday, citing sources with direct knowledge of the matter.
Investment banks on November 27 made presentations to the executives of JD Logistics, which was spun off into a standalone subsidiary in 2017, as part of the selection process, Reuters said.
The news comes as some U.S.-listed big Chinese companies including Alibaba have completed secondary listings in Hong Kong in the face of a U.S. threat to delist Chinese firms from its bourses if they fail to meet American auditing standards.
This week, JD Health, a healthcare unit of JD.com, raised nearly $3.5 billion in a Hong Kong IPO sponsored by UBS, Bank of America and Haitong Securities, according to Reuters.
Contact reporter Ding Yi (email@example.com)