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Zhong Lun Advises on JD’s IPO on NASDAQ

Release time：2014-06-03 Voice Announcements

On May 22, 2014, JD.com, Inc. (ticker symbol: JD), the largest online direct sales company in China, announced its initial public offering and listing of American Depositary Shares on the NASDAQ Global Select Market. BofA Merrill Lynch and UBS acted as joint global coordinators and lead joint book runners for the offering.

The total gross proceeds of this offering exceeded US$1.78 billion, assuming no exercise by the underwriters of their greenshoe option, which made it the largest IPO ever for a China-based company in the U.S. capital market. JD received additional gross proceeds of US$1.31 billion from the issuance of Class A ordinary shares to Tencent at the IPO price in a private placement concurrent with the closing of the offering. Upon the underwriters’ full exercise of the greenshoe option and Tencent’s exercise of its option to subscribe for additional Class A ordinary shares, the total gross proceeds would exceed US$2.04 billion from offering and US$1.32 billion from Tencent. JD has then become the third largest public Chinese Internet company only after Tencent and Baidu, in term of market capitalization.

Zhong Lun Law Firm acted as JD’s PRC legal counsel in the offering. The legal team from Zhong Lun was led by Anthony Zhao and Jack Feng, and comprised lawyers from both Shanghai and Beijing offices. Other core members of the team included William Jia, Zang Haichuan, Vincent Shen, Raphael Liu, Leo Yuan, Dailey Dai and Crystal Li.

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Zhong Lun Advises on JD’s IPO on NASDAQ