Chinese Retailer JD.com’s Health-Care Business Plans Hong Kong IPO
JD Health International Inc., an online health-care business controlled by Chinese online retailing giant JD.com Inc., 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.The Beijing-based company said it operates China’s largest online retail pharmacy by revenue, and provides health-related services including online consultations with doctors and medical-appointment scheduling. 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. Revenue for the six-month period rose 76% to 8.8 billion yuan, the bulk of which came from sales of pharmaceutical and health-care products that include over-the-counter medicines, prescription drugs, contact lenses and medical devices. U.S.-listed ZTO Express (Cayman) Inc., a Chinese courier backed by Alibaba, will start trading in Hong Kong on Sept. 29, after selling nearly $1.3 billion of stock.