JD Health’s IPO is the Best by a Mega Hong Kong Debut

JD Health International Inc.’s $3.5 billion float already made it Hong Kong’s largest initial public offering of the year. Now, the company has added another notch on its belt: having the best-ever Hong Kong debut among listings that have raised more than $3 billion.

Shares of the health-care affiliate of Chinese e-commerce giant JD.com Inc. surged 56% Thursday, beating the previous record held by Chinese broker GF Securities Co. which jumped 35% on its first trading day in April 2015, according to data compiled by Bloomberg.

JD Health’s IPO last week is Asia’s biggest health-care listing on record. Excluding its Nasdaq-traded parent’s $4.5 billion secondary listing in Hong Kong in June, the health-care company’s share sale is also the largest in the city this year.

The blockbuster deal and its subsequent first-day pop highlight how investors remain interested in health-care names amid the coronavirus pandemic. Health-care listings have been lapped up this year by institutional funds as well as mom-and-pop investors.

Driving the pipeline of listings have been high valuations and a wave of innovation in China’s health-care and biotech industries, partly accelerated by the pandemic as more people use online medical services.

JD Health’s strong performance also signals to prospective issuers that the window for IPOs is still open, after the abrupt suspension of Ant Group Co.’s record offering last month.

UPCOMING LISTINGS:

  • Blue Moon
    • Hong Kong stock exchange
    • Size up to $1.27b
    • Pricing Dec. 9, listing Dec. 16
    • Bank of America, CICC, Citi
  • Roland Corp
    • Tokyo stock exchange
    • Size up to $439m
    • Pricing Dec. 8, listing Dec. 16
    • SMBC Nikko, UBS
  • Sino-Ocean Service
    • Hong Kong stock exchange
    • Size up to $256m
    • Pricing Dec. 10, listing Dec. 17
    • Citi, CICC
  • Netjoy Holdings
    • Hong Kong stock exchange
    • Size up to $183m
    • Pricing Dec. 10, listing Dec. 17
    • Haitong
  • Vesync
    • Hong Kong stock exchange
    • Size up to $200m
    • Pricing Dec. 11, listing Dec. 18
    • BNP Paribas, Innovax Capital
  • Kerry Express
    • Thailand stock exchange
    • Size up to $278m
    • Pricing Dec. 15, listing Dec. 24
    • Citi, Credit Suisse, Maybank Kim Eng Securities, SCB Securities
  • China Resources Mixc Lifestyle Services
    • Hong Kong stock exchange
    • Size $1.6b
    • Listing Dec. 9
    • CCBI, CICC, Citi, Goldman Sachs
  • Jiayuan Services
    • Hong Kong stock exchange
    • Size up to $78.4m
    • Listing Dec. 9
    • Haitong, Guotai Junan
  • Leading Group
    • Hong Kong stock exchange
    • Size up to $194m
    • Listing Dec. 10
    • CCBI
  • Harbour BioMed Holdings
    • Hong Kong stock exchange
    • Size $221m
    • Listing Dec. 10
    • Morgan Stanley, Bank of America, CLSA
  • Pop Mart
    • Hong Kong stock exchange
    • Size $674m
    • Listing Dec. 11
    • Morgan Stanley, CLSA
  • Datang Group
    • Hong Kong stock exchange
    • Size $196m
    • Listing Dec. 11
    • ICBC
  • PLAID Inc.
    • Tokyo exchange Mothers market
    • Size $220m
    • Listing Dec. 17
    • Bank of America, Mizuho Securities
  • ESR Kendall Square REIT
    • South Korea exchange
    • Size $326m
    • Listing Dec. 23
    • Citi, Morgan Stanley
  • PTT Oil and Retail Business
    • Thailand stock exchange
    • Size $2b
    • Pre-marketing from Dec. 1
    • Bank of America, JPMorgan, Morgan Stanley, Bualang Securities, Finansa Securities, Kasikorn Securities, Phatra Securities, Tisco Securities
  • Burger King India
    • India stock exchanges
    • Size up to $110m
    • Listing Dec. 14
    • CLSA, Edelweiss, JM Financial, Kotak Mahindra

More ECM transactions we are following:

  • Chinese e-cigarette maker Relx Technology has picked Citigroup Inc. for its planned initial public offering in the U.S., people with knowledge of the matter said
  • Coal terminal operator Dalrymple Bay Infrastructure Ltd. started trading at an 13% discount to its initial public offering, just as rising tensions between Beijing and Canberra impinge on a range of exports from Australia
  • Blue Moon Group Holdings Ltd., a Chinese maker of consumer household care products, is planning to stop taking orders for its initial public offering in Hong Kong of as much as $1.27 billion a day earlier than planned, 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.

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