E-commerce giant JD.com applies to spin-off supply chain arm
Chinese e-commerce platform JD.com has submitted an application to the Hong Kong Stock Exchange (HKEX) to separately list its ...
DEALSTREETASIA reports that Zhonggu plans to use IPO proceeds “to purchase containers and container ships”.
– The listed entity is Shanghai Zhonggu Logistics
– The deal was reportedly oversubscribed (7.5x)
– Zhonggu Shipping controls Shanghai Zhonggu Logistics (background here) and maintains a majority stake post-IPO
– CICC was the lead underwriter of the deal.
The full story can be read here.