JD Logistics, the logistics spinoff of China-based e-commerce firm JD.com, has filed for an initial public offering on the Hong Kong Stock Exchange, according to DealStreetAsia.
Terms have not yet been set, but people familiar with the matter told DealStreetAsia that JD Logistics was aiming for a $40bn valuation.
Spun off from JD.com in 2017, JD Logistics provides warehousing and distribution services across China. The company has benefited from a surge in online shopping during the pandemic-related lockdowns and closures of brick-and-mortar stores.
JD Logistics raised $2.5bn in funding in 2018 from investors including internet group Tencent and insurer China Life.
Hillhouse Capital, Sequoia China, China Merchants Group, China Development Bank Capital FOF, China Structural Reform Fund and ICBC International as well as undisclosed backers also took part in that round.
JD.com retained a majority stake in the business following that round, which seemingly valued JD Logistics at just over $12.8bn.
BofA Securities, Goldman Sachs and Haitong International Capital have been appointed underwriters for the proposed offering.
