China’s JD.com Proposes Separate HK Listings for Two Units

Bloomberg2023-03-30

Property, industrial operations to seek IPOs in Hong KongAnnouncements follow potential listings by Alibaba unitsTwo JD.com Inc. subsidiaries filed for Hong Kong initial public offerings on Thursday, ...

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tonylim
2023-03-30
tonylim
Excellent
HH浩
2023-03-30
HH浩
Split listing?

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The firms didn’t disclose fundraising amounts, valuations or prices for the shares. JD.com would hold more than 50% of both companies after completion of the spinoffs, according to exchange filings.The move comes days after larger rival Alibaba Group Holding Ltd. spurred anticipation for a revival of China’s tech IPO train. This week, it unveiled plans to split into six independent businesses, each of which can pursue funding and separate listings.They are the latest Chinese companies choosing to tap the Hong Kong IPO market instead a US listing.Still, debuts by Chinese firms have slumped in Hong Kong and overseas since 2021. IPO proceeds since January are 48% lower than at the same time last year, when they slumped 69% from 2021.Operating independently since 2018, Jingdong Property’s business now covers 29 Chinese provincial-level regions. 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