JD Logistics to float

Alibaba’s Chinese arch rival JD.com has announced it is to float JD Logistics in an IPO on the Hong Kong Stock Exchange, raising $5 billion on a valuation of $40 billion. This will be JD.com’s third IPO, having already floated JD Health and JD Group.

Bank of America’s multinational investment arm BofA Securities, Goldman Sachs Group, and Haitong International Capital are co-sponsors of the public offering, according to the prospectus for the Hong Kong IPO that was filed last week.

Founded in 2004 by Richard Liu (刘强东 Liú Qiángdōng), JD.com went public on NASDAQ in 2014. Now the second-largest ecommerce platform in China after Alibaba, the company was relisted last June in Hong Kong, raising $3.87 billion.