JD.com makes application for $3 billion secondary listing in Hong Kong despite COVID-19 downturn

JD.com is has made an application for its potential $3 billion secondary stock market listing as it pushes ahead with the plans despite coronavirus concerns.

The Chinese ecommerce giant announced last month that it had hired UBS and the Bank of America to work on a secondary listing on the Hong Kong Stock Exchange, just months after its larger rival Alibaba raised around $11.3 billon (£8.8 billion) in its own secondary public listing “despite the difficulties and challenges in Hong Kong.”

JD.com began trading on the New York Nasdaq in 2014, and at the time broke new records for a Chinese company listing its shares in the US, seeing its shares 15 times oversubscribed.

READ MORE: JD.com hires Bank of America for Hong Kong listing

It is expected to list on the Hong Kong exchange as soon as June in a deal that could raise at least $3 billion, the largest equity transaction in Hong Kong so far in 2020.

According to Refinitiv, JD.com has a market capitalisation of around $64 billion.

Last month it saw stocks jump more than 12 per cent as brushed off coronavirus fears and posted better than expected fourth quarter results.

The Chinese commerce giant saw revenues grow 26.6 per cent to £19.17 billion, coming well above estimates of £18.7 billion.

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