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JD Logistics Launches Up to $3.4 Billion Hong Kong IPO

05/16/2021 | 10:15pm EDT

By Joanne Chiu

The logistics arm of JD.com Inc. is looking to raise as much as $3.4 billion through an initial public offering, in the latest Hong Kong listing linked to China's booming e-commerce market.

The IPO could value JD Logistics Inc. at up to $34 billion, filings showed on Monday. It follows share sales in the city by JD.com and another of its subsidiaries last year, which in total raised nearly $8.5 billion, according to Dealogic.

JD.com relies on the unit to store and deliver groceries, clothes, home appliances and electronic gadgets across China. Over the years the parent company has used speedy delivery via JD Logistics as a way to gain an edge in its battle for market share with Alibaba Group Holding Ltd.

JD Logistics is offering 609.16 million new shares at an indicative range of 39.36 to 43.36 Hong Kong dollars each, the company's listing document said, the equivalent of $5.07 to $5.58. The stock being sold represents 10% of its enlarged share capital. It plans to fix the offer price on Friday, and for the shares to start trading on May 28.

The share sale could serve as a test of investor appetite for Chinese technology-related stocks. A growing economic recovery, high sector valuations, and heightened regulatory scrutiny of China's tech giants have prompted some investors to shift their focus toward more traditional sectors and stocks that are more sensitive to swings in the economic cycle.

JD Logistics competes with businesses such as Shenzhen-listed S.F. Holding Co., ZTO Express Cayman Inc. and Alibaba's logistics arm, Cainiao Network Technology Co.

JD.com turned the unit into a stand-alone business in 2017, which then began taking external customers. Clients include the shoe maker Skechers USA Inc. At the end of 2020, JD Logistics had more than 900 warehouses, more than 190,000 delivery staff and over 190,000 corporate customers. JD.com accounted for nearly 54% of last year's revenue.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

05-16-21 2214ET

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 0.33% 212.3 Delayed Quote.-8.78%
DJ INDUSTRIAL -1.58% 33290.08 Delayed Quote.10.51%
JD.COM, INC. -2.56% 71.62 Delayed Quote.-18.52%
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Sales 2021 952 B 148 B 148 B
Net income 2021 12 739 M 1 974 M 1 974 M
Net cash 2021 124 B 19 260 M 19 260 M
P/E ratio 2021 65,0x
Yield 2021 -
Capitalization 715 B 111 B 111 B
EV / Sales 2021 0,62x
EV / Sales 2022 0,48x
Nbr of Employees 310 000
Free-Float 58,7%
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Technical analysis trends JD.COM, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 40
Average target price 661,86 CNY
Last Close Price 462,13 CNY
Spread / Highest target 75,4%
Spread / Average Target 43,2%
Spread / Lowest Target 11,4%
EPS Revisions
Managers and Directors
Qiang Dong Liu Chairman & Chief Executive Officer
Ran Xu Chief Financial Officer
Nan Li Director-Strategy & Operations
Chi Ping Lau Independent Director
Ming Huang Independent Director
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