(Nov 25): JD.com Inc is looking to raise at least US$1 billion through an equity-linked bond sale, according to people familiar with the matter, in what would be the latest in a wave of recent debt offerings by Chinese e-commerce companies.
JD.com has been sounding out investor interest for the potential sale of bonds exchangeable into shares of JD Health International Inc, its Hong Kong-listed online healthcare arm, said the people, asking not to be identified because the information is private. Discussions are ongoing and details may change, the people added.
Tech firms are raising funds as they pour billions of dollars into artificial intelligence and face intensifying competition in areas such as food delivery. Some of JD.com’s Chinese peers, including Tencent Holdings Ltd, Baidu Inc and Meituan, have recently been piling into the dim sum bond market, while Alibaba Group Holding Ltd raised US$3.2 billion in September in the largest convertible bond offering of the year.
JD.com didn’t immediately comment when contacted Tuesday.
Exchangeable bonds allow investors to swap debt for shares of a company’s affiliate, making them slightly different from convertible bonds, which are linked to the issuer’s own stock. Both structures offer lower coupons than straight debt and give investors the opportunity to benefit from stock rallies.
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JD.com held a more than 67% stake in JD Health as of June 2025, according to the unit’s interim report. JD Health’s shares have climbed 125% in Hong Kong this year, giving the company a market capitalisation of US$26 billion.
Chinese tech firms have previously used exchangeable bonds to trim stakes, such as Alibaba’s US$1.5 billion deal tied to Alibaba Health Information Technology Ltd in July and Baidu’s US$2 billion offering of notes linked to Trip.com Group Ltd in March.
JD.com’s supply-chain technology unit Jingdong Industrials Inc, meanwhile, has started gauging interest for a Hong Kong initial public offering that may raise around US$500 million. The unit plans to use proceeds from the offering to boost its industrial supply-chain capabilities, including improving artificial intelligence technologies, according to its latest listing paperwork.
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JD.com’s shares have missed out on this year’s strong performance in the tech sector, falling about 18% in Hong Kong, compared with a 29% gain for the city’s benchmark Hang Seng Index.
Uploaded by Felyx Teoh
