JD.com’s healthcare spinoff has filed for an initial public offering after raising more than $1.9bn in equity funding from investors including Hillhouse Capital and Citic Capital.
JD Health, the medical product retailer spun off by China-based e-commerce group JD.com, has filed for an initial public offering on the Hong Kong Stock Exchange’s Main Board.
JD Health operates a pharmacy service, selling products such as prescription drugs, medical supplies, contact lenses and vitamins. It also provides telemedicine consultations for a range of conditions.
Hedge fund manager Hillhouse Capital contributed to a series B round in August 2020, with the filing showing the round to have been worth more than $900m.
CICC Capital and Baring Private Equity Asia had joined Citic Capital’s CPEChina Fund to inject some $1bn in series A capital in May 2019.
JD.com is the largest shareholder in the business with an 81% stake. None of JD Health’s other shareholders own more than 5%.
Merrill Lynch Far East, Haitong International Capital and UBS Securities Hong Kong are the joint sponsors for the proposed offering.
