Aequitas Research - JD.com Inc. Sponsored ADR Class A (JD) JD.com Hong Kong Listing

Report

Aequitas Research

Sumeet Singh

EUR 85.33 For Business Accounts Only

JD.com Hong Kong Listing

IFR announced overnight that JD.com Inc (ADR) (JD US) has filed confidentially for a secondary listing in Hong Kong. The deal is expected to be anywhere from US$2-4bn, as per media reports.

In our earlier note, China ADRs Secondary Listing Deep-Dive: Yin and Yang, we had shortlisted some of the companies that might look to undertake a secondary listing in Hong Kong. JD was high up on the list.

We've also extensively covered Baba's listing in:

Alibaba IPO/â€‹Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing,

Alibaba IPO/â€‹Secondary Listing - Proposed Stock Connect Changes Might Throw a Spanner in the Works

Alibaba IPO/â€‹â€‹Secondary Listing - What to Do with the US ADR While Waiting for the HK Listing?

Alibaba IPO/â€‹â€‹â€‹Secondary Listing - Not Good for the ADR, Should Have Put a Price Range to It

Alibaba IPO/â€‹â€‹â€‹â€‹Secondary - Neither Here Nor There - Index Announcements, Comparison to Other Deals

Alibaba IPO/â€‹â€‹â€‹â€‹â€‹Secondary Listing Trading - Time to Converge, Thatâ€™s It

In this note, I'll take an early look at the deal.

29/04/2020 9 EN

Underlying

JD.com Inc. Sponsored ADR Class A

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US47215P1066 NASDAQ Stock Market United States

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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JD.com Hong Kong Listing

China Internet: 618 Festival – Evolving consumer trends and continued focus on value for money.

China Internet: JD’s new initiative in on-demand delivery is reshaping FD market dynamics.

JD.com to Hold Annual General Meeting on June 20, 2025

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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