JD Logistics, a spinoff of China’s second biggest e-commerce site, reported revenues of USD 11.3 billion in 2020, up 47.2% from the year before, in its latest prospectus filed earlier this week. Its losses widened to USD 620 million for the year, compared to USD 340 million in 2019.
The unit received the green light from the Hong Kong Stock Exchange to raise some USD 4 billion later this month, 36Kr reported, which would exceed the USD 3.5 billion that its sibling company JD Health (HKEX:6618) took in at the end of last year.
JD Logistics will be the second JD.com (NASDAQ:JD; HKEX:9618) subsidiary to go public in a year. The Shanghai listing of JD’s fintech arm was withdrawn in March after regulators tightened oversight on China’s online finance industry.
Founded as JD’s delivery unit, JD Logistics’ revenue from external customers grew from 29.9% in 2018 to 46.6% in 2020. Yet, it suffers from continuous losses since its spinoff in 2017. The unit now operates over 800 warehouses, covering a total storage space of 21 million sq m, said the prospectus.
Read this: JD Logistics looks to deliver the goods
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.