By Joanne Chiu Close Joanne Chiu Sept. 28, 2020 3:46 am ET JD Health International Inc., an online health-care business controlled by Chinese online retailing giant JD.com Inc., JD 2.68% filed an application to go public in Hong Kong, in a deal that people familiar with the situation said could raise at least $3 billion.
JD Health’s IPO could be launched by December, according to people familiar with the deal. The share sale is being led by Bank of America Corp. , Haitong International Securities Group Ltd. and UBS Group AG . Nasdaq-listed JD.com currently controls about 81% of JD Health, which uses its parent’s logistics network for delivering drugs nationwide.
JD Health’s rival, Ping An Healthcare & Technology Co. , which operates the Good Doctor online health platform in China, listed in Hong Kong in 2018, and its shares have jumped more than 80% in the year to date. Alibaba Health Information Technology Ltd. , a Hong Kong-listed online health provider controlled by internet giant Alibaba Group Holding Ltd. , has also chalked up large gains.
JD Health’s prospectus said the company booked after-tax profits in 2017, 2018 and the first half of 2019. It recorded a net loss of 5.4 billion yuan, equivalent to $791 million, in the six months to June 2020, due to higher expenses and a charge for the change in fair value of convertible preferred shares. Revenue for the six-month period rose 76% to 8.
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