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JD Logistics IPO in Hong Kong, 3.3% Higher on Day 1 with $32 Billion Market Value

28th May 2021 | Hong Kong

JD Logistics, an independent entity of China’s top internet company JD.com, has IPO on Hong Kong Stock Exchange (Hong Kong Exchanges and Clearing ~ HKEX) on 28th May 2021 (Friday), closing 3.3% higher at HKD 41.70 with a market capitalization of $32.7 billion.  JD logistics IPO price is HKD 40.36, opening at HKD 46.05 and surging more than 18% (HKD 47.75) before closing at HKD 41.70 (28/5/21).   In the IPO, JD Logistics raised $3.16 billion, which was 715.61 times oversubscribed and the international tranche was 10.8 times oversubscribed. (IPO ~ Initial Public Offering)

Hong Kong Exchanges and Clearing (HKEX) is referred as Hong Kong Exchange or HKEX in this article

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“JD Logistics IPO in Hong Kong, 3.3% Higher on Day 1 with $32 Billion Market Value”

 

JD Logistics, 900 Warehouse covering 99% of China

JD.com

JD Logistics was established in 2007 with bases in Beijing, Shanghai and Guangzhou to grow the supply chain and logistic demands for JD.com.  In 2017, JD Logistics became an independent entity, and begin to provide services to other retailers. 

By the end of 2020, JD Logistics operated more than 900 warehouses across China, covering 99% of China’s population and its vast network of warehouses and delivery workers can deliver products to millions of customers either on the same day or by the next day. In 2020, JD Logistics reported net loss of $637 million (CNY 4.1 billion).

JD Logistics plans to use the funds raised ($3.2 billion) to invest in its logistics network and infrastructure, and international logistics business with air freight development. 

 

JD Logistics IPO

Delivery by JD.com

JD Logistics IPO was priced at HKD 40.36, the lower end of the IPO price range (HKD 39.36 to HKD 43.36).  At HKD 40.36 and 609.2 million new shares issued, JD Logistics raised $31.6 billion have a market value of around $32 billion.  

JD Logistics institutional investors include Blackstone, Softbank and Temasek (Singapore’s sovereign wealth fund).  The underwriters and sponsors for the IPO are UBS, Goldman Sachs, Bank of America Securities and Haitong International Securities.

The IPO was 715.61 times oversubscribed and shares offered under the international tranche were 10.8 times oversubscribed.

JD Logistics IPO is the 2nd largest IPO in Hong Kong for 2021.

For 2021, JD Logistics will be the 2nd largest IPO after Kuaishou Technology IPO, which raised $5.32 billion and went public in February 2021.  The chinese short video streaming & social media platform Kuaishou Technology share price rose 160% on the first day of trading (5/2/21) on the Hong Kong Stock Exchange, valuing the company at more than $150 billion.

 

JD Health IPO in Hong Kong, Dec 2020

JD Health IPO on Hong Kong Exchange, 8th December 2020

In December 2020, another independent entity of JD.com, JD Health, China’s largest online healthcare & medical service platform by revenue, raised $3.4 billion at their IPO on Hong Kong Exchange, with shares rising 55% on first day of trading (8/12/20).

 

JD.com

Delivery by JD.com CEO Richard Liu

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 with a market capitalization of $115 billion (28th May 2021).  In June 2020, JD.com became dual-listed on Hong Kong Exchange.

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 $20 billion in 2020.

 

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