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JD Logistics readies Hong Kong IPO targeting up to US$3.9 billion
- The logistics unit of e-commerce giant JD.com will kick off marketing for its Hong Kong retail offering next week
- JD Logistics offering expected to be second-biggest IPO this year
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The logistics arm of Chinese e-commerce giant JD.com will kick off marketing of its Hong Kong initial public offering to retail investors early next week, with the firm seeking to raise US$3.4 billion to US$3.9 billion, according to a person familiar with the transaction.
JD Logistics’ IPO is expected to be the second-biggest deal on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Tech raised US$6.2 billion in January in the biggest IPO globally year-to-date. Chinese internet and artificial intelligence giant Baidu raised about US$3.1 billion via a secondary listing in the city in March.
The IPO could value JD Logistics at about US$35 billion, said the person, who was not authorised to discuss the matter publicly. The listing on the main board is scheduled for May 28, the person said.
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At US$35 billion, JD Logistics’ market capitalisation would exceed some of its peers.
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ZTO Express, which counts Alibaba Group Holding as one of its shareholders, completed its Hong Kong secondary listing last September which valued it with a market capitalisation of HK$180.7 billion (US$23.3 billion). The Shanghai-based firm is already listed on the New York Stock Exchange.
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