Tuesday, January 19, 2021
 
Columnist
Martin Hennecke

JD Health pulls in $71b on first day of IPO
 
27/11/2020
 
JD Health International, the online healthcare arm of JD.com (9618), attracted more than HK$70.69 billion in retail margin orders on the first day of its HK$26.96 billion initial public offering, data from local brokers showed. That means the retail portion of the public sale was oversubscribed by at least 51 times. JD Health is selling 381.9 million shares between a range of HK$62.8 and HK$70.58. The minimum investment is HK$3,565 per lot of 50 shares. The company plans to make its market debut on December 8. That came as China's fintech giants have started to rethink IPOs after the suspension of Ant Group's megalisting. Ant is in talks with regulators about injecting capital into its microlending units just weeks after its US$35 billion (HK$273 billion) IPO was halted in a sector-wide crackdown. The listing plans of e-commerce billionaire Richard Liu Xiangdong's JD Digits Technology have also been thrown into limbo. Lufax had to renegotiate terms with some shareholders after its recent IPO valued China's largest listed online lender at less than a previous funding round. In Hong Kong, China Evergrande Group's property management arm is set to price its IPO at HK$8.8 apiece, below the midpoint of the indicative price range. The price sets Evergrande Property Services up to raise about HK$14.3 billion. The price range was set at HK$8.50 to HK$9.75 apiece on Sunday. Meanwhile, mainland developer Datang Group opens its retail book today to raise up to HK$1.53 billion, with a minimum investment of HK$4,646. And Jiayuan Service, Jiayuan International's (2768) property management arm, also launches its IPO today to raise HK$600 million, with a minimum investment of HK$4,090.

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