JD Health aiming for $27b

Business | Reuters and Avery Chen 26 Nov 2020

JD Health International, the online healthcare arm of JD.com (9618), is seeking to raise up to HK$26.96 billion in what is set to be Hong Kong's biggest initial public offering of the year, a term sheet showed.

JD Health is selling 381.9 million shares between a range of HK$62.8 and HK$70.58, according to the term sheet. A greenshoe option to sell a further 15 percent of stock would take the size of the IPO up to US$4 billion (HK$31.2 billion). The minimum investment is HK$3,565. The company plans to make its market debut on December 8.

Meanwhile, Leading Holdings, a Sichuan-based property developer, also opens retail books today to raise up to HK$1.5 billion.

The company is offering 250 million shares at HK$4.5 to HK$6 a piece, with a minimum investment of HK$6,060. It is scheduled to start trading on December 10.

Separately, China Evergrande's (3333) Evergrande Property Services attracted HK$5 billion from margin financing orders, meaning the retail portion of its HK$18.17 billion IPO is covered by at least two times.

And China Resources Mixc Lifestyle Services, a property management business of China Resources Land (1109), yesterday launched Hong Kong IPO to raise HK$12.26 billion. Its retail portion is oversubscribed by at least 2.39 times as of last night as investors have placed HK$2.08 billion in orders through margin financing.

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