China Top E-Commerce JD.com Files for IPO in Hong Kong, to Raise $2 Billion
China’s top e-commerce platform and technology giant JD.com is filing for a secondary listing on Hong Kong Stock Exchange to raise more than $2 billion.
” JD.com files for IPO in Hong Kong, to Raise $2 Billion “
JD.com is currently listed on NASDAQ with a market capitalization of $65.1 billion (30th April 2020). The tech company is one of the largest technology companies in China alongside Alibaba and Tencent.
The company is founded by Richard Liu in 1998, committing RMB12,000 (USD 1,695 ~ 1 USD = RMB 7.08) of his savings to lease a 4 sqm retail unit in Beijing’s technology hub of Zhongguancun to establish JD Multimedia. In 2004, after the 2003 SARS outbreak , he saw the potential of internet to support his business and began selling products online. In 2004, he closed his brick-and-motar store and launched jdlaser.com which became jd.com later on.
In 2014, JD.com went public on NASDAQ and raised $1.78 billion. JD.com founder Richard Liu, is a billionaire and has an estimated fortune of $10 billion in 2019.
JD.com is China’s largest online retailer and is China’s biggest internet company by revenue. In 2019, JD.com reported $82.9 billion net revenue, has 700+ warehouses and more than 360 million annual active customers. JD.com is listed on NASDAQ and has a market capitalization of $65.1 billion (30th April 2020).