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JD.COM, INC.

(JD)
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JD Logistics Seeks to Raise US$3.4 Billion in Hong Kong IPO -- Update

05/16/2021 | 05:14pm EDT

By P.R. Venkat

JD.com is seeking to raise about US$3.4 billion through a Hong Kong listing of its logistics business, the latest effort by China's second-largest e-commerce company to take its various assets public.

JD Logistics plans to sell 609.16 million shares in the initial public offering that would raise up to 26.41 billion Hong Kong dollars ($3.4 billion), it said Monday.

The company has set a price guidance range of HK$39.36-HK$43.36 per share and expects to finalize the IPO price by Friday.

The shares are expected to trade on the exchange from May 28, the company said.

If successful, it will be the second such listing by the e-commerce giant of its various businesses. Late last year, the company listed its online health-care business, JD Health International Inc., and raised over $3.4 billion.

JD.com's IPO plan is the latest in a string of multi-billion deals that are happening in Hong Kong, many involving Chinese technology startups or other companies catering to China's increasingly affluent consumers.

The company said that nearly 55% of the IPO proceeds would be used to upgrade and expand its logistics networks in the next 12 to 36 months.

Seven cornerstone investors have agreed to subscribe to nearly 302 million shares of JD Logistics, the company said.

Having cornerstone investors ahead of the IPO, helps the company to market its deal better to institutional and retail investors.

Japan's Softbank Group, Singapore's Temasek Holdings Pte. and Blackstone are among the cornerstone investors, the company said.

BofA Securities, Goldman Sachs and UBS among the banks that are advising on the IPO.

According to the draft prospectus, JD Logistics' revenue for January-September of 2020 rose to 49.5 billion yuan ($6.47 billion) from CNY34.6 billion in the April-December period of 2019.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

05-16-21 1914ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.04% 34479.6 Delayed Quote.12.55%
JD HEALTH INTERNATIONAL INC. 1.12% 108.2 End-of-day quote.-27.87%
JD.COM, INC. -0.92% 71.19 Delayed Quote.-19.01%
THE BLACKSTONE GROUP INC. 1.87% 95.41 Delayed Quote.47.21%
THE GOLDMAN SACHS GROUP, INC. 1.10% 378.05 Delayed Quote.43.36%
UBS GROUP AG 0.21% 14.58 Delayed Quote.16.92%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.39358 Delayed Quote.-1.56%
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Financials
Sales 2021 954 B 149 B 149 B
Net income 2021 13 335 M 2 085 M 2 085 M
Net cash 2021 124 B 19 455 M 19 455 M
P/E ratio 2021 60,3x
Yield 2021 -
Capitalization 704 B 110 B 110 B
EV / Sales 2021 0,61x
EV / Sales 2022 0,47x
Nbr of Employees 310 000
Free-Float 58,7%
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Technical analysis trends JD.COM, INC.
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Mean consensus BUY
Number of Analysts 40
Average target price 663,32 CNY
Last Close Price 455,38 CNY
Spread / Highest target 78,0%
Spread / Average Target 45,7%
Spread / Lowest Target 13,0%
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Managers and Directors
NameTitle
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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