JD may list Dada-JD Daojia in the US
Chinese e-commerce giant JD is considering a share listing in the US, according to a Reuters report.
The firm has entered into early-stage discussions with bankers about a deal that could raise US$500 million for the firm’s joint venture in the territory, Dada-JD Daojia.
According to Coresight Research, Dada-JD Daojia was created in 2016 through the merger of JD’s supermarket business and the crowdsourcing delivery service Dada Nexus, with a 10-per-cent stake owned by US retailer Walmart.
Dada-JD Daojia provides a one-hour professional delivery service for more than 74 million users, working with more than 5000 retailers including Walmart, Carrefour, Vanguard, Yonghui supermarket and Watsons.
The JV has already secured roughly the same amount in funding last year with investments from JD and Walmart.
JD itself has just come off a solid second quarter thanks to strong online sales in recent months.