JD Health shares close over 50% above listing price in Hong Kong IPO
JD Health International Inc.'s share price stood at 56 percent above its initial listing price at closing following its initial public offering (IPO) on the Hong Kong stock market on Tuesday.
Owned by e-commerce giant JD.com Inc., JD Health listed its share price at HK$70.58 ($9.11) as the company sought to raise $3.48 billion, making it Hong Kong's largest IPOs since the start of 2020. However, the stock opened at HK$94.50 and surged to as high as $HK123.90 at about 3:30 p.m. before closing at $HK110.
JD Health specializes in online medical consultation and pharmaceutical sales. Its value had jumped from $29 billion ahead of the debut to around $53 billion, thanks to the increase in its share price.
Its parent JD.com, the second-largest e-commerce player in China, registered its secondary listing in Hong Kong in June, becoming the third U.S.-listed Chinese firm to make a "homecoming" secondary listing in the global financial hub. Last November, JD.com's titan rival Alibaba Group pioneered the practice under the new regime of the Hong Kong stock exchange.
(Cover: The app download page for JD Doctor, operated by JD.com Inc.'s JD Health International Inc., arranged on a smartphone in Hong Kong, China, December 6, 2020. /Reuters)