The health-care unit of Chinese e-commerce giant JD.com has raised $3.5 billion U.S. in a Hong Kong initial public offering (IPO).
JD Health issued 381.9 million shares priced at 70.58 Hong Kong dollars ($9.11 U.S.) per share, according to a person familiar with the matter. That was at the top end of a range marketed to investors. JD Health shares are expected to start trading on December 8.
The listing marks another big win for the Hong Kong Stock Exchange, which has seen major Chinese technology firms raise money on it.
JD.com, which trades on the NASDAQ under the "JD" symbol, owns 78% of JD Health. The business of JD Health is focused on online health-care services such as consultations with doctors as well as its online pharmacy. JD Health had revenue of $1.34 billion U.S. in the six months ended June 30.
China’s technology giants have accelerated their push into digital health care following the Covid-19 outbreak earlier this year. Internet search giant Baidu is in discussions with investors to raise up to $2 billion U.S. over three years for a new biotech company.
