JD Health shares rise 34% in Hong Kong trading debut

JD Health shares rise 34% in Hong Kong trading debut

© Reuters.  © Reuters.

HONG KONG (Reuters) – JD (NASDAQ:JD) Health International Inc shares have opened 34% higher from the company's issue price, as Hong Kong's largest initial public offering (IPO) for 2020 culminated in a stock exchange trading debut on Tuesday.

The shares were sold at HK$70.58 each as the company raised $3.48 billion, and the stock opened at HK$94.50.

Hong Kong's Hang Seng Index was down 0.4% in early trade.

JD Health is a subsidiary of e-commerce giant JD.com Inc specialising in online pharmaceutical sales and medical consultation services. It was valued at $29 billion ahead of its trading debut.

The firm's IPO prospectus showed it had 72.5 million annual active users as of June 30 compared to 53.5 million at the same time last year.

Its IPO was the largest in Hong Kong in 2020, followed by China Bohai Bank's $2.05 billion listing in July. Deal makers expect more activity to unfold during December.

The float has taken Hong Kong's IPO proceeds to over $25 billion in 2020, from more than 100 individual deals, putting it on track to record the best year in a decade, Refinitiv data showed.

Adding secondary listings – including JD.com's $4.4 billion transaction in June – the value reaches $39.1 billion so far this year.

Original Article

Leave a comment

Send a Comment

Your email address will not be published. Required fields are marked *