Fair diagnosis

2 December 2020 By Sharon Lam Follow @sharonlamhk

The unit of e-commerce giant JD priced its $3.5 bln offer at a reasonable 13 times sales. Virtual consultations and pharmacies are booming, supporting an official push for a healthy China. It’s a timely reminder that powerful internet platforms have valuable uses for Beijing.

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JD Health International, the healthcare unit of Chinese e-commerce group JD.com, raised around HK$27 billion ($3.48 billion) after pricing its Hong Kong initial offering, Reuters reported on Dec. 2, according to a term sheet.

The company priced its initial public offering at HK$70.58, the top end of the marketed range of HK$62.80 to HK$70.58 each.

Six cornerstone investors, including Singapore’s GIC, Tiger Global and BlackRock have taken up to $1.35 billion worth of stock in the deal, according to a term sheet seen by Reuters Breakingviews.

Bank of America, Haitong International, and UBS are the joint sponsors of the offering.

Shares of the company are due to start trading on Dec. 8.

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