AFP
Nicola Mira
Jun 9, 2020
E-commerce: JD.com plans to raise €3.6 billion on Hong Kong stock market
AFP
Nicola Mira
Jun 9, 2020
Chinese e-commerce giant JD.com is planning to raise €3.6 billion this month for its listing on the Hong Kong stock exchange, as reported on Monday by Chinese state press agency New China (Xinhua). JD.com is already listed on Nasdaq, where it raised $1.78 billion when it was floated in 2014.
At a time of intense commercial, technological and political rivalry with the USA, China is encouraging its leading corporations to turn to the Hong Kong and Shanghai stock markets to raise finance.
According to Xinhua, JD.com put up for sale 133 million shares on Monday, at a unit price of HKD236 (€27). The sale is set to continue until Thursday. If the greenshoe option will be exercised, the total amount raised will rise to HKD36.65 billion (€4.07 billion). Contacted by the AFP agency, JD.com has declined to comment.
The twin stock exchange listing is designed to enable JD.com to compete more closely with its main rivals, US giant Amazon and Chinese e-commerce leviathan Alibaba. Last year, Alibaba raised the remarkable sum of HKD12.9 billion when it was floated on the Hong Kong stock exchange.
JD.com sells directly to consumers and its organisation includes warehousing facilities, product stocks, logistics networks and certified delivery carriers. Alibaba instead relies exclusively on third-party vendors and delivery companies.
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