JD plans to spin off two units and list them in Hong Kong - PingWest
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JD plans to spin off two units and list them in Hong Kong
JD plans to spin off two units and list them in Hong Kong
March 31, 2023 8:30 pm
U.S.-listed shares of JD.com rose 6 percent unveiling plans to spin off and list two operating units on the stock exchange.
In a document filing with the stock exchange, Beijing based JD.com said it would spin off its subsidiaries JD Property and JD Industrials and separately list them on the Hong Kong stock exchange.
JD Industrials and JD Property reported yearly revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively, in their offering prospectuses submitted later on Thursday.
After the proposed spin-off is completed, JD.com stated that it will still own a share of more than 50% in the units, JD Industrials and JD Property.
The action was taken a few days after competitor Alibaba announced that it will restructure its $257 billion empire and divide it into six entities, marking its greatest reorganization since its creation 20 years ago.
Six separately operated divisions, including the Cloud Intelligence Group, Taobao-Tmall for e-commerce, Cainiao for smart logistics, Local Services Group, Global Digital Business Group, and Digital Media and Entertainment Group, will make up Alibaba's reorganized corporate structure.
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