Industry

JD.com Secretly Submits Documents For Secondary Listing in Hong Kong

Apr 29, 2020, 11:50am2020/04/29 11:55:22 Caiwei Chen

China’s second biggest e-commerce platform JD.com has allegedly submitted its listing documents in secret and plans to conduct a secondary listing in Hong Kong. The company may offer up to 5% of its shares, and is expected to listed as early as June, IFR reported, citing people familiar with the matter.

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According to Reuters, Bank of America and UBS are working with JD.com for the second listing in Hong Kong. The banks have previously also acted as lead underwriters for JD.com<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />‘s US listing in 2014. Additionally, JD.com<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> announced a $1 billion bond issue earlier this year which was also underwritten by the two banks.

In the wake of the recent Luckin Coffee fraud scandal, US-listed Chinese stocks are facing increased scrutiny, resulting in more companies eyeing Hong Kong Stock Exchange listings to attract more Chinese capital. According to IPO News, other fellow US-listed Chinese companies including Baidu<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />, NetEase<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> and Ctrip are also looking at a secondary listing in Hong Kong following Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />’s success.

As of press time, the US stock market value of JD.com<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> is $64 billion (about 496 billion Hong Kong dollars).