China Renaissance Congratulates JD Health on its Landmark Hong Kong IPO
China Renaissance Served as Exclusive Financial Advisor, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager for the Offering
HONG KONG, Dec. 8, 2020 /PRNewswire/ -- China Renaissance ("China Renaissance", stock code: 1911.HK) congratulates JD Health International Inc. ("JD Health" or the "Company", stock code: 6618.HK) on its landmark initial public offering ("IPO") on the Hong Kong Stock Exchange, which raised approximately HK$27 billion (US$3.5 billion), excluding the over-allotment option. China Renaissance served as the exclusive financial advisor, joint global coordinator, joint bookrunner and joint lead manager for the offering.
JD Health, China's largest online healthcare platform and online pharmacy by revenue, offered 381.9 million shares (excluding the over-allotment option), priced at HK$70.58 per share. The IPO was backed by six cornerstone investors, including Hillhouse Capital, Tiger Global, Lake Bleu Prime, China Structural Reform Fund, GIC and BlackRock, and was oversubscribed by other long-only funds, hedge funds and leading Chinese institutions. This marks the second largest IPO issued by a Chinese company in the overseas stock markets, as well as the largest equity financing project in the history of Chinese Internet healthcare companies.
The offering's net proceeds will be used to further develop JD Health's retail pharmacy business and online healthcare services, as well as invest in research and development to strengthen the Company's supply chain. JD Health will continue to optimize its service process, improve the user experience and boost operational efficiency by expanding the breadth and depth of service offerings.
As a long-term partner of JD.com, China Renaissance previously served as the exclusive financial advisor to JD.com in its May 2019 spin-off of JD Health and the Company's Series A funding. China Renaissance played a significant role in the Company's successful IPO by formulating a compelling equity story for JD Health and articulating its value proposition to the capital markets. In addition, China Renaissance brought in a number of quality long-only and hedge funds.