Cleary Gottlieb represented BofA, Goldman Sachs, and Haitong International, as the joint sponsors, joint global coordinators, joint bookrunners, and joint lead managers, and 13 other investment banks, including UBS, CLSA, ICBC International, CCB International, China Renaissance, and BOCOM International, as underwriters, in the $3.2 billion (excluding over-allotment option) global offering of ordinary shares and primary listing of JD Logistics Inc. (JD Logistics) on the Main Board of the Hong Kong Stock Exchange following its spin-off from JD.com.
This deal is expected to be one of the largest initial public offerings in Hong Kong in 2021.
The offering priced on May 21, 2021, and closed on May 28, 2021. Shares of JD Logistics began trading on the Hong Kong Stock Exchange on May 28, 2021.
In December 2020, Cleary also represented BofA, Haitong International, UBS, and 14 other investment banks, as underwriters, in the $4 billion global offering of ordinary shares and primary listing of JD Health International Inc. on the Main Board of the Hong Kong Stock Exchange.
JD Logistics is China’s leading technology-driven supply chain solutions and logistics services provider, and the largest player in China’s integrated supply chain logistics services market in terms of total revenue in 2020. With a mission of driving superior efficiency and sustainability for global supply chain through technology, JD Logistics aims to become the world’s most trusted supply chain solutions and logistics services provider. JD Logistics offers a full spectrum of supply chain solutions and high-quality logistics services enabled by technology, ranging from warehousing to distribution, spanning across manufacturing to end-customers, covering regular and specialized items. It served more than 190,000 corporate customers across a wide array of industries in 2020, such as fast-moving consumer goods (FMCG), apparel, home appliances, home furniture, 3C, automotive, and fresh produce, among others.