Skadden-Led JD.com Nets $3.9B In Hong Kong Listing
By Tom Zanki (June 11, 2020, 4:50 PM EDT) -- Skadden-led e-commerce giant JD.com raised HK$30.1 billion ($3.88 billion) Thursday in a secondary listing on the Hong Kong Stock Exchange, becoming the second China-based company in a week to add an overseas listing amid a potential U.S. crackdown on Chinese issuers.
JD.com was advised by Skadden Arps Slate Meagher & Flom LLP in the transaction, which employed five law firms total when including underwriters' representation and all jurisdictions involved.
Beijing-based JD.com sold 133 million Class A shares priced at HK$226 ($29.16) each. JD.com said it will spend proceeds to upgrade technology throughout its supply chain and "to further enhance customer experience...
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