JD.com Deal Gives Asia Biggest Week for IPOs in 2020

(Bloomberg) -- China’s No. 2 online retailer JD.com Inc.’s $3.9 billion Hong Kong listing has given Asia its biggest week for initial public offerings this year, joining a global rebound in initial share sales.

Companies in Asia priced $4.37 billion worth of listings this week, the most since the last week of 2019, data compiled by Bloomberg show. JD makes up the bulk of the volume, with the rest coming from listings in mainland China and South Korea.

JD’s share sale -- the second-biggest this year globally -- comes on the heels of Chinese gaming giant NetEase Inc.’s $2.7 billion Hong Kong listing last week, which contributed to it being the best week for IPOs globally.

Listings have been rebounding on the back of stronger markets and lower volatility, as issuers look to take advantage of what could be a short-lived window after being forced to sit on the sidelines earlier in the year.

Activity is set to stay strong throughout the month, too. In South Korea SK Biopharmaceuticals Ltd. is taking orders for the country’s largest IPO in three years while Hong Kong is set to see another multi billion dollar listing with China Bohai Bank Co. planning a launch later this month.

Issuers also seem to be coming from more sectors than simply biotech and health care, which have made up the bulk of the IPO candidates as the coronavirus pandemic stoked investor interest in those fields. JD and NetEase have given Hong Kong two high-profile tech listings while e-cigarette maker Smoore International Holdings is set to start gauging investor demand next week.


  • JD.com Inc.
    • Hong Kong exchange
    • Size $3.9b
    • Listing June 18
    • Bank of America, UBS, CLSA
  • China Bohai Bank
    • Hong Kong exchange
    • Size about $2b
    • Pre-marketing from June 22
    • CCBI, Haitong, ABC International, CLSA
  • SK Biopharmaceuticals
    • Korea stock exchange
    • Size up to $805m
    • Pricing June 19, listing around July 2
    • NH Investment & Securities, Citi, Morgan Stanley
  • Hygeia Healthcare Holdings Co.
    • Hong Kong exchange
    • Pre-marketing from June 8
    • Morgan Stanley, Haitong
  • Kangji Medical Holdings Ltd.
    • Hong Kong exchange
    • Pre-marketing from June 8
    • Goldman Sachs, Citic Securities, Bank of America
  • Smoore International Holdings
    • Hong Kong exchange
    • Size at least $800m
    • Pre-marketing to start next week
    • CLSA
  • Burning Rock Biotech Ltd.
    • Nasdaq
    • Size $223m
    • Trading June 12
    • Morgan Stanley, BofA, Cowen & Co., CMBI, Tiger Brokers

More ECM situations we are following:

  • Rubymab Ltd., PAG and Classic Insight Project Co. Ltd. sell combined 26.7m shares in Alphamabat HK$16.50 apiece, according to terms for the deal obtained by Bloomberg
  • It will soon be a lot easier for mainland firms to list on the nation’s volatile ChiNext board. The regulator will unveil rules to adopt so-called registration-based initial public offerings on the ChiNext by the end of June, and implement them this year, according to a statement by the State Council on Thursday
  • Burning Rock Biotech Ltd. has priced its U.S. initial public offering at $16.50 each, above an indicative range, people familiar with the matter said
  • E-cigarette device maker Smoore International Holdings plans to begin assessing investor demand for a Hong Kong initial public offering as soon as Monday, according to people familiar with the matter

See also:

  • Asia ECM Weekly Agenda
  • IPO data
  • U.S. ECM Watch
  • EU ECM Watch
  • To receive the ECM Watch in your inbox daily, click the “subscribe” button at the top of this article.

©2020 Bloomberg L.P.

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