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JD.com to spin off health unit, plans Hong Kong listing

Written by Song Jingli Published on 

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JD Health has grown into China’s largest online pharmacy by revenue and was valued at USD 7 billion as of September 2019.

Chinese e-commerce giant JD.com (NASDAQ: JD) aims to spin off and list its subsidiary JD Health on the main board of the Hong Kong Stock Exchange, according to a filing with the bourse on Monday.

The timing will depend on market conditions, the company said in the filing. “There is no assurance as to when such spinoff and listing will be completed.”

JD.com already decided to split its health business from its retail group at the end of 2018, due to increasing demand for healthcare products on its core e-commerce platform, JD Health’s CEO Xin Lijun told 36Kr in June.

JD Health has become China’s largest online pharmacy by revenue and is being valued at USD 7 billion after completing a Series A preferred share financing, according to JD.com’s third-quarter earnings release in November 2019.

Xin further told 36Kr that medical products retail still accounts for more than 90% of JD Health’s revenues, while contributions from medical services are very low despite the fact that online consultations on JD Health average around 100,000 orders a day.

JD.com announced in August that Hillhouse Capital was investing USD 830 million into JD Health.

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