Clifford Chance

Clifford Chance advises on JD.com's US$3.87 billion Hong Kong IPO and Secondary Listing

Leading international law firm Clifford Chance has advised the joint sponsors Bank of America, UBS and CLSA, and the underwriters on JD.com's US$3.87 billion (HK$30 billion) initial public offering (IPO) and secondary listing on the Hong Kong Stock Exchange. Nasdaq-listed JD.com is one of China's largest technology and e-commerce companies. JD.com's Hong Kong listing is expected to be the city's largest IPO, and the world's second largest this year.

China Co-Managing Partner Tim Wang, who led on the deal said, "We are honoured to advise on this landmark secondary listing, which highlights our market-leading expertise especially in technology and new economy sectors."

Partner Fang Liu, who co-led the deal commented, "Our unique combination of strong Hong Kong and US law capabilities in the region has contributed to the smooth execution of this Hong Kong secondary listing by Nasdaq-listed JD.com, which, unlike an ordinary IPO, required close coordination between a SEC registration process in the United States and the listing review in Hong Kong."

Tim, Fang and Hong Kong partner Christine Xu co-led the deal and were supported by a team in Hong Kong, Beijing and Shanghai including senior associates Claire Cao, Samson Chan, Yuling Geng and Erxin Lu, associates Qingqing Bu, Haoze Zheng, Tao Yang and Jeff Wong, and trainee Liying Liang.

Clifford Chance has advised on many of Hong Kong's largest and most significant IPOs, including China Tower's US$6.9 billion IPO, Budweiser Asia Pacific's US$5 billion IPO, and Xiaomi's US$4.7 billion IPO.