E-commerce giant JD.com plans to pursue a secondary listing on the Hong Kong Stock Exchange (HKSE) with the goal of raising around USD$3 billion in funds.
Sources said to Securities Journal that JD.com is currently in the process of arranging matters in relation to an imminent Hong Kong listing and has filed application materials with the exchange.
JD.com is expected to issue a 5% equity stake to raise approximately 25 billion HKD (approximately USD$3.25 billion).
Bank fo America Merrill Lynch and UBS are set to be the principal underwriter for the listing.
First founded in June 1998 by Liu Qiangdong as a magneto-optical supplier in Beijing, JD.com’s launched its online retail platform in 2004.
Tech giant Tencent as had a 20% stake in JD.com, which is currently listed on the NASDAQ exchange.