Chinese e-commerce giant, JD.com has hired banks like Bank of America and UBS to work on the second listing in Hong Kong. The company is the latest to join the Chinese companies that are expected to follow Alibaba to trade closer to home.
The listing is expected to happen as early as mid-2020. The company’s second listing comes at a time when severely hit China is gradually recovering from coronavirus outbreak that has left thousands infected, claimed many lives as well and paralyzed businesses and public services to a large extent.
Back in November, Alibaba raised $12.9 billion in Hong Kong.This was the city’s largest deal since 2010, prompting several US-traded Chinese companies to follow suit, including online travel giant Ctrip and internet companies NetEase Inc and Baidu Inc.
However, as of now, the companies can’t hold face-to-face meetings with advisors or potential investors due to travel restrictions triggered by the coronavirus outbreak.
JD.com is said to have initiated the preparations for the second listing some time ago. It is not clear onwhen the company plans to file for the listing.
JD’s total net revenue rose 27% to 170.68 billion Yuan in the fourth quarter which ended on Dec 31. It was traded at $39.71 per share according to Friday’s report.
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