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06618 京東健康
JD Health
Listing Date2020/12/08
Listing Price70.580
 
Quote
  • 63.150 -1.200 (-1.865%)    Sink Below Listing Price
  • 15-min delayed, last update: 02/12/2021 16:44
Subscription Result
  • Subscription Rate
    421.90x
  • Guarantee One Lot Size
    200 lot
  • One Lot Success Rate
    40%
COMPANY PROFILE

JD Health's mission is to become the go-to health management platform for everyone in China. It is dedicated to creating a complete and comprehensive “Internet + healthcare” ecosystem. It provides a wide assortment of high-quality pharmaceutical and healthcare products that cater to all aspects of users’ diverse healthcare needs. Its fulfillment capabilities allow it to deliver products timely and safely. It also offers holistic healthcare services to satisfy users’ needs across all aspects of the healthcare products and services sector.

According to the Frost & Sullivan Report, the Group is the largest online healthcare platform by revenue in China in 2019, recording a total revenue of RMB10.8 billion. It is also the largest online retail pharmacy by revenue in China in 2019 with a market share of 29.8%. Its technology-driven platform is centered on the supply chain of pharmaceutical and healthcare products and strengthened by healthcare services, encompassing a user’s full life span for all healthcare needs.

As of June 30, 2020, there were over 9,000 third-party merchants on its online marketplace. Its omnichannel initiative covered over 200 cities in China. By building a complete online-plus-offline model, with strong presence in retail channels and partnerships with hospitals, it is able to satisfy diverse user demands, covering a range of healthcare scenarios from acute and urgent diseases to chronic conditions. In 2017, 2018 and 2019 and for the twelve months ended June 30, 2020, it had 43.9 million, 50.5 million, 56.1 million and 72.5 million annual active user accounts, respectively. In 2017, 2018, 2019 and for the six months ended June 30, 2019 and 2020, revenue from its retail pharmacy business accounted for a majority of total revenue, of which sales of pharmaceutical and healthcare products accounted for 88.4%, 88.8%, 87.0%, 87.5% and 87.6% of total revenue, respectively and the marketplace service revenue accounted for 7.9%, 7.4%, 7.3%, 7.3% and 6.8% of total revenue, respectively.

The Group provides comprehensive online healthcare services. It has assembled a team of in-house doctors and external medical professionals across departments and specialties and partnered with numerous third-party hospitals and healthcare institutions. In addition, it is developing its consumer healthcare services.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHealth Care
Websiteir.jdhealth.com
Board Lot050
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
GLOBAL OFFERING
No. of Offer Shares382m shares
No. of International Offer Shares363m shares
No. of HK Offer Shares19.10m shares
Offer Price$62.80 - $70.58
Nominal ValueUS$ 0.0000005 each
Stock Code6618
Joint SponsorsMerrill Lynch Far East, Haitong International Capital, UBS Securities Hong Kong
Financial AdvisorChina Renaissance Securities (Hong Kong)
Joint RepresentativesMerrill Lynch (Asia Pacific), Haitong International Securities, UBS AG, China Renaissance Securities (Hong Kong)
Joint Global CoordinatorsMerrill Lynch (Asia Pacific), Haitong International Securities, UBS AG, China Renaissance Securities (Hong Kong), Goldman Sachs (Asia), CLSA, Jefferies Hong Kong, ICBC International Capital, BOCI Asia
Joint Bookrunners Merrill Lynch (Asia Pacific), Haitong International Securities, UBS AG, China Renaissance Securities (Hong Kong), Goldman Sachs (Asia), CLSA, Jefferies Hong Kong, ICBC International Capital, BOCI Asia, CCB International Capital, BOCOM International Securities, ABCI Capital, CMB International Capital, Guotai Junan Securities (Hong Kong), DBS Asia Capital, Mizuho Securities Asia, Futu Securities International (Hong Kong)
Joint Lead ManagersMerrill Lynch (Asia Pacific), Haitong International Securities, UBS AG, China Renaissance Securities (Hong Kong), Goldman Sachs (Asia), CLSA, Jefferies Hong Kong, ICBC International Capital, BOCI Asia, CCB International Capital, BOCOM International Securities, ABCI Securities, CMB International Capital, Guotai Junan Securities (Hong Kong), DBS Asia Capital, Mizuho Securities Asia, Futu Securities International (Hong Kong)
TIME TABLE
Application PeriodNov 26 (Thu) - Noon, Dec 1 (Tue)
Price Determination DateOn or Before 5pm, Dec 1 (Tue)
Result Announcement DateOn or Before Dec 7 (Mon)
Dispatch of Shares and Refund ChequesOn or Before Dec 7 (Mon)
Dealings in Shares commence onDec 8, 2020. (Tue)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription14X - 49X49X - 98XOver 98X
% of total shares reallocated to HK Offer9%10%11%
DIRECTORS
ExecutiveLijun Xin
Non-ExecutiveRichard Qiangdong Liu (Chairman), Lei Xu, Sandy Ran Xu, Yayun Li, Qingqing Yi
Independent Non-ExecutiveXingyao Chen, Ling Li, Wenyi Huang
MAJOR SHAREHOLDERS
JD.com (09618)68.73%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue8,777,49010,842,1408,169,057
Gross Profit2,217,5672,812,2721,978,958
Pre-Taxed Profit(5,257,325)(834,700)306,232
Attributable Profit for the period(5,358,752)(971,805)214,927
* For the six months ended June 30, 2020.
OFFER STATISTICS (HK$)
Offer Price$62.80 - $70.58
Capitalization$196,381m - $220,709m
Unaudited pro forma adj NAV / share$6.57 - $7.73
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $66.69, the net proceeds raised would be HK$24,994.0m, of which:
* $9,997.0m (40.0%) to be used for business expansion like developing retail pharmacy business and online healthcare services, including strengthen retail pharmacy business and enhance user growth and engagement;
* $7,498.0m (30.0%) to used for research and development digital infrastructure in healthcare services platforms, AI-assisted prescription verification, and big data and cloud computing technologies;
* $4,999.0m (20.0%) to be used for our potential investments and acquisitions or strategic alliances;
* the balance of $2,499.0m (10.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
00241ALI HEALTHup7.1300.0500.706%
01833PA GOODDOCTORdown27.250-1.050-3.710%
06618JD HEALTHdown63.150-1.200-1.865%
09618JD-SWup342.0000.6000.176%
15-min delayed, last updated: 02/12/2021 16:44
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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