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JD.com, another Chinese e-commerce firm after Alibaba and NetEase, has succeeded in its secondary listing in Hong Kong, surging over 3 percent on its debut.JD.com Inc (HKG: 9618), a Chinese e-commerce firm, has succeeded in its secondary listing in Hong Kong, surging over 3.5 percent on its debut. JD.com success falls in line with Alibaba Group Holding Ltd (HKG: 9988) and NetEase Inc (HKG: 9999) that got listed on Hong Kong exchange a few weeks ago.The first Chinese firm to carry out its secondary listing was Alibaba, a rival to JD.com. Alibaba Group Holding Ltd was listed in Hong Kong last year after NetEase followed suite earlier this month and now JD.com. The secondary listing of Chinese firms is coming at a time the U.S and China are hostile with themselves and in the middle of a trade
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JD.com, another Chinese e-commerce firm after Alibaba and NetEase, has succeeded in its secondary listing in Hong Kong, surging over 3 percent on its debut.
JD.com Inc (HKG: 9618), a Chinese e-commerce firm, has succeeded in its secondary listing in Hong Kong, surging over 3.5 percent on its debut. JD.com success falls in line with Alibaba Group Holding Ltd (HKG: 9988) and NetEase Inc (HKG: 9999) that got listed on Hong Kong exchange a few weeks ago.
The first Chinese firm to carry out its secondary listing was Alibaba, a rival to JD.com. Alibaba Group Holding Ltd was listed in Hong Kong last year after NetEase followed suite earlier this month and now JD.com. The secondary listing of Chinese firms is coming at a time the U.S and China are hostile with themselves and in the middle of a trade war.
Tough relationships between both countries could best explain why big Chinese firms listed in America are pursuing another listing back in Hong Kong. The American legislatures are also processing a bill. The bill is to ensure proper scrutiny on foreign firms with the intent of delisting some firms.
Coincidentally, the Hong Kong stock exchange is working on reforms to encourage firms to list their shares with them. Charles Li, chief executive officer of Hong Kong Exchanges and Clearing, said in an interview on Wednesday that several Chinese firms fit to get listed in Hong Kong.
Hong Kong Listing
The e-commerce giant issued 133,000,000 class A ordinary shares in its Hong Kong offering. The firm also claimed that they are up to make around $3.8 billion. According to the statement, they intend to use the fund for investment in the supply chain based on technology to improve client experience with the firm.
JD.com has also paid the investment bank underwritings its secondary listing a ‘over-allotment option’. With that, JD.com can issue 19,950,000 more Class A ordinary shares if demand requires. This option can be explored from June 11 for the next 30 days.
JD.com Shares Success
The e-commerce company this year has been enjoying a market boom. This is especially when many other firms have been hit by the coronavirus pandemic and harsh economic conditions the virus has fueled. During the lockdown, JD.com claimed that sales on its platform increased. This leads to the revenue increase that will be growing by over 20 percent year over year.
Today JD.com (HKG: 9618) stock closed at 234 Hong Kong dollars with a 3.54% rise.
Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.