Healthcare IPO examines value of China’s big tech

Ping An Healthcare and Technology Co

02/12/2020 02:21

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Sharon Lam
    HONG KONG, Dec 2 (Reuters Breakingviews) - The unit of
e-commerce giant JD priced its $3.5 bln offer at a reasonable 13
times sales. Virtual consultations and pharmacies are booming,
supporting an official push for a healthy China. It’s a timely
reminder that powerful internet platforms have valuable uses for
Beijing. 
    Full view will be published shortly.
    On Twitter https://twitter.com/sharonlamhk
    
      CONTEXT NEWS
    - JD Health International, the healthcare unit of Chinese
e-commerce group JD.com, raised around HK$27 billion ($3.48
billion) after pricing its Hong Kong initial offering, Reuters
reported on Dec. 2, according to a term sheet.
    - The company priced its initial public offering at
HK$70.58, the top end of the marketed range of HK$62.80 to
HK$70.58 each. 
    - Six cornerstone investors, including Singapore’s GIC,
Tiger Global and BlackRock have taken up to $1.35 billion worth
of stock in the deal, according to a term sheet seen by Reuters
Breakingviews.  
    - Bank of America, Haitong International, and UBS are the
joint sponsors of the offering.
    - Shares of the company are due to start trading on Dec. 8.
    - For previous columns by the author, Reuters customers can
click on  LAM/ 
    - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: http://bit.ly/BVsubscribe

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
JD Health filing     https://www1.hkexnews.hk/app/sehk/2020/102669/documents/sehk20111500048.pdf
JD Health prices shares at $HK70.58, raises $3.48 bln in HK's
biggest IPO in 2020 - term sheet     urn:newsml:reuters.com:*:nL4N2IG39R
JD Health plans to raise $3.5 billion in Hong Kong's biggest IPO
of 2020     urn:newsml:reuters.com:*:nL1N2IB01C
BREAKINGVIEWS - It’s a good time to be “the other” Alibaba   
 urn:newsml:reuters.com:*:nL4N2I22UW
BREAKINGVIEWS - JD’s hyped-up spinoffs leave its basket light   
 urn:newsml:reuters.com:*:nL4N2GQ0EK
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Una Galani and Katrina Hamlin)
 ((sharon.lam@thomsonreuters.com; Reuters Messaging:
sharon.lam.thomsonreuters.com@reuters.net))