In June this year, JD.com went public for the second time in Hong Kong, raising US$4.5 billion.
JD Health’s IPO in Hong Kong is rumored to be approved as early as next week
According to IFR quoting people familiar with the matter, JD Health seeks to obtain listing approval from the Hong Kong Stock Exchange at the earliest The target value is US$20 billion. According to rumors, JD Health plans to raise at least US$3 billion in this IPO.
In June this year, JD.com went public for the second time in Hong Kong, raising US$4.5 billion. According to the prospectus, JD.com applied to the Hong Kong Stock Exchange for an exemption from the spin-off of a subsidiary to be listed in Hong Kong within the next three years.
Shortly afterwards, JD Health was exposed to plans to go public in Hong Kong. At that time, it was rumored that the fund-raising amount was about 2 billion US dollars, and the corresponding valuation target was 30 billion US dollars. In September, JD Health formally submitted a prospectus to the Hong Kong Stock Exchange regarding listing matters.
The prospectus shows that Jingdong Group indirectly holds approximately 81% of JD Health, and Hillhouse Capital, the second largest shareholder, holds approximately 4.5%.
According to the information on the official website, JD Health is a subsidiary of JD.com operating a large health business. It operated independently in 2019. Its business includes four major sectors: medical e-commerce, Internet medical treatment, smart medical solutions, and health services. Among them, JD Pharmacy has become the retail pharmacy with the largest online and offline income in China, and JD Internet Hospital receives more than 100,000 doctors per day.
In 2019, JD Health’s revenue exceeded 10 billion yuan, and it has already achieved profitability. In the first half of this year, the profit reached 370 million yuan and the revenue was 8.8 billion yuan. Compared with Ping An Good Doctor, which is still at a loss, and Alibaba Health, which has not been losing money, JD Health has achieved sustained profitability.
At the end of last year, JD Health received US$931 million in Series A financing, with a post-investment valuation of approximately US$7.1 billion. CICC Capital and JD Group led the investment. JD.com is still the controlling shareholder. whenSome insiders believe that JD Health’s valuation is underestimated.
As early as 2015, Alibaba Health has been listed, and Ping An Good Doctor has also been listed in Hong Kong in 2018. At present, the market value of Ali Health is nearly 290 billion Hong Kong dollars, and the market value of Ping An Good Doctor exceeds 120 billion Hong Kong dollars, which is approximately US$37 billion and US$16 billion respectively.
Comment from the editor-in-chief: At present, the Jingdong Port stock market is worth 1.11 trillion Hong Kong dollars, and the US stock market is worth over 130 billion US dollars. Last year, JD Health, which was operated independently last year, was valued at US$20 billion to US$30 billion. It has become another super unicorn besides retail, logistics, and mathematics. Although JD Health was born out of JD’s medical and health business, it is completely different from Ali’s platform thinking for medical health……
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