Chinese online retailer could be offering share subscriptions on May 25 for its long-anticipated Hong Kong listing, according to media reports, with a debut on the city’s board as early as June.

Why it matters:’s secondary listing on the Hong Kong board will follow just a few months after rival Alibaba’s $13 billion blockbuster debut on the city’s bourse. It was one of the largest market debuts for a Chinese tech firm as well as for the Hong Kong market in the past year.

  • The listing comes at a critical time.’s retail chief Xu Lei is gradually taking over for founder Richard Liu as the Chinese online retailer’s new leader.
  • In addition to the dual listing, the Beijing-based firm is reportedly preparing for separate listings of its logistics arm and grocery delivery affiliate Dada-JD Daojia.
  • The deal is hailed as a homecoming for Chinese companies and a win for the Hong Kong stock market amid escalating US-China tensions.
  • Chinese search engine Baidu, online travel platform, and Netease, China’s second-biggest gaming firm, are reportedly planning to dual list in Hong Kong.

Details: Chinese media have reported that is planning to raise $3 billion in its Hong Kong debut that could come as early as June. Bloomberg reported in April that it was seeking $2 billion for its Hong Kong offering.

  • The firm hired investment banks UBS and Bank of America as underwriters for the listing, local media reported.
  • A spokesman declined to comment on the news when contacted by TechNode.

Context:  JD reportedly filed a confidential application to list in Hong Kong as early as June, Bloomberg reported.

  • In January 2018, founder and CEO Richard Liu indicated that the company was considering a dual listing either in Hong Kong or mainland China.
  • Hong Kong removed its restriction on dual-class share structures in April 2018 to open the door for firms that sought to have share classes with different voting rights.

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via or Twitter.