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HEALTHCARE | Staff Reporter, Hong Kong
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JD Health seeks Hong Kong IPO

This makes it JD Group's third affiliate to go public in 2020.

China’s popular online retailing company JD.com Inc. has filed for an application for its healthcare unit to go public in Hong Kong.

In a press release, JD said that this will be its third affiliate to go public this year.

The Beijing-based e-commerce platform launched the health unit last year. It operates China’s biggest retail pharmacy by income and provides the country with online consultations and appointments.

NASDAQ-listed JD.com said that it plans to create a separate listing for JD Health in Hong Kong’s stock exchange board. JD Group is also set to have an 81% stake in the new company as its largest shareholder through the JD Jinkiang unit.

The share sale will be held by Haitong International Securities Group, Bank of America, and UBS Group AG. As JD.com controls the majority of the shares, other shareholders are said to have less than 5% each.

JD Group generated $1.007b (US$1.3b) in revenue during the first half of 2020, with a growth of 76% YoY. Once the JD Health IPO launched in December, the deal is projected to raise JD’s overall sales to at least $2.33b (US$3b).

It was planned to have JD Health’s trade debut during the COVID-19 pandemic due to the market drive of healthcare and biotech businesses. JD Health is currently competing with Ping An Healthcare & Technology with more than 80% in shares, and Alibaba’s online health subsidiary, Ali Health.

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