10 December, 2020
Skadden advised JD Health International Inc., the largest online healthcare platform and online pharmacy by revenue in China, in its listing and initial public offering on the main board of the Hong Kong Stock Exchange. JD Health issued 381,900,000 shares at a price of HK$ 70.58 (US$ 9.10) per share, for a total offer value of HK$ 269 billion (US$ 3.47 billion), assuming the underwriters do not exercise their over-allotment option. This was the largest IPO in Hong Kong this year, and the second largest listing, with the largest being parent company JD.com's secondary listing in June, on which Skadden also advised. The retail portion of its offering was 422 times oversubscribed. Trading commenced on 8 December 2020.
The Skadden team was led by Hong Kong partners Julie Gao, Christopher Betts, Paloma Wang and Shu Du, with associates Ming Kong (Hong Kong), Martina To (Hong Kong), Gabriel Lee (Hong Kong), Layton Niu (Hong Kong), Mingkun Ding (Shanghai), Xiaoqiu Huang (Shanghai), Abril Kang (Hong Kong) and Charles Shi (Hong Kong), with trainee solicitor Shu Fei (Marie) Lim (Hong Kong).
