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2020-12-10| Asia-PacificIPO

JD Health Debuts in HKEx, Possibly Landing a 3.5 Billion IPO

by Tyler Chen
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The COVID-19 pandemic has hurried the development of telemedicine, precision medicine, and several online platforms. The latest in that line is JD Health, China’s biggest online healthcare platform, which made its debut at HKEx Main Board on December 8th. This IPO is expected to bag 3.48 billion, becoming the second-largest IPO in HKEx in 2020.

 

Shares Opened higher than Issued Price

JD Health issued 382 million shares, excluding the over-allotment option with 70.58 Hong Kong dollars apiece. On Tuesday, the shares opened to 94.5 Hong Kong dollars each, which is 34% higher than the issued price.

The 6 cornerstone investors included Hillhouse, Tiger Global, Lake Bleu Prime, China Structural Reform Fund, Blackrock, and Singapore’s sovereign wealth fund GIC. JD.com will remain the main shareholder after the IPO.

 

Potentially 2020’s Second Largest IPO in HKEx

JD Health could possibly be the second of the biggest 2020 IPO in HKEx, surpassing China Bohai Bank of 1.78 billion in August. JD.com, the parent company of JD Health, takes pole position for scoring 4.4 billion in June with a second IPO in HKEx.

In addition, the investment bank can decide to excise the over-allotment option before the end of the year. If it does, JD Health will issue 57 million more shares and possibly add 513 million to the IPO.

 

Future Plans of Investment

For the future investment plan, JD Health will invest 40% in business expansion over 3 to 5 years, 30% in R&D over 2 to 3 years, and the rest will be used for a potential buyout, investment, and corporate purposes.

By Tyler Chen

Related Article: Aiming for the First CAR-T Approval in China, JW Therapeutics Debuts on Hong Kong Stock Exchange

References
  1. https://www.hkex.com.hk/News/HKEX-Calendar?sc_lang=zh-HK
  2. https://www.prnewswire.com/news-releases/china-renaissance-congratulates-jd-health-on-its-landmark-hong-kong-ipo-301187879.html
  3. https://www.nasdaq.com/articles/jd-health-shares-rise-34-in-hong-kong-trading-debut-2020-12-07
  4. https://www.ft.com/content/bb856e68-32e0-477a-b173-ddf5d4a11ee3

 

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