China’s JD.com said to file for $2b Hong Kong second listing

A JD.com sign is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 4, 2017. REUTERS/Aly Song/Files

JD.com Inc., the Chinese e-commerce site, has filed confidentially for a second listing in Hong Kong, according to people with knowledge of the matter.

The offering could raise at least $2 billion, the people said, asking not to be identified because the information is private. The Beijing-based company, which currently trades on Nasdaq, has a market value of $64 billion.

The deal comes after JD rival Alibaba Group Holding Ltd. raised $13 billion in a Hong Kong share sale last year. The Alibaba deal was seen as a homecoming for China-based companies and a win for the Hong Kong Stock Exchanges & Clearing Ltd. which lost these deals to its U.S. counterparts a decade ago as it did not allow dual-class share voting at the time. The Hong Kong stock exchanged relaxed the rule in 2018.

The deal could come soon as early as the second half of the year, according to one of the people. Deliberations are ongoing and the size of the offering could still change, the people said. A representative for JD.com didn’t immediately respond to requests for comment.

Shares of JD.com have risen 23% this year while the S&P/BNY Mellon China ADR Index, which tracks U.S.-listed Chinese companies, is down 5.2% during the same period.

IFR Asia reported earlier Tuesday that the company had filed for a Hong Kong listing confidentially.

Bloomberg

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.