JD.com set for US$3b listing test next week

Mainland e-commerce giant JD.com is seeking to pass the listing hearing for its Hong Kong secondary listing next week with the aim of making its mainboard debut on June 18 to raise US$3 billion (HK$23.4 billion), the Hong Kong Economic Journal reported.

The planned listing date is the company's 22nd anniversary, as well as the date of its "618" online shopping festival, the second-largest shopping festival in China after Alibaba's (9988) Singles Day event on November 11.

The report said JD.com will not introduce the deal's cornerstone investors.

Meanwhile, WeDoctor, one of China's biggest online health-care startups, is planning to submit its Hong Kong initial public offering application at the end of this month to raise as much as US$1 billion. The Tencent (0700)-backed company has selected JPMorgan and CMB International to arrange the IPO, while Credit Suisse Group dropped off the deal after being sued for its role in Luckin Coffee's US share sale.

Another Tencent-backed company, Chinese payment technology services provider Yeahka, launches its IPO today with the aim of raising up to HK$1.64 billion.

The Shenzhen-based company is offering 98.72 million shares at an indicative price range of HK$12.64 to HK$16.64 per share. The minimum investment is HK$6,723.07 per board lot of 400 shares. It plans to start trading on the mainboard on June 1.

The company was founded by Liu Yingqi, former general manager of Tencent operation Tenpay, in 2011. Tencent held 3.93 percent of stakes in Yeahka before listing.

Meanwhile, mainland electric tools and electric fans exporter SMC Electric relaunched its IPO yesterday after postponing its flotation on March 13 due to "prevailing market conditions."

The company lowered its offering price to HK$0.25 from a range of HK$0.33 to HK$0.38, downsizing the IPO to HK$125 million. The minimum investment is HK$2,525.2 for a board lot of 10,000 shares. It is set to debut on June 2.

In other news, Hong Kong Exchanges and Clearing (0388) will meet with brokers this week to discuss the proposal on cutting the IPO settlement cycle from the current five days, Bloomberg reported citing sources.

It will formally consult the market in the coming weeks if there are no major objections, the people said.