Nasdaq-listed JD.com currently controls about 81% of JD Health, which uses its parent’s logistics network for delivering drugs nationwide. Such companies have raised $5.4 billion from new listings in Hong Kong this year, and JD Health would bump up the total. Revamped listing rules in Hong Kong have allowed startups to list before they turn a profit. JD.com itself earlier sold $4.5 billion of shares for a Hong Kong listing in June. U.S.-listed ZTO Express (Cayman) Inc., a Chinese courier backed by Alibaba, will start trading in Hong Kong on Sept. 29, after selling nearly $1.3 billion of stock.

Source: Wall Street Journal September 28, 2020 07:41 UTC