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Can JD Health set off a fever pitch in the Internet healthcare?
JD Health, Chinese largest online healthcare platform, soared 56% on its debut in Hong Kong on Tuesday, December 8. And the shares closed up 56% at HK$110. The company's market value topped $44 billion at the close of Tuesday trading, as investors bank on the pandemic boom in digital health services. This means that JD Health has become Asia's biggest health care listing on record, surpassing the US$2.3 billion offering by Japan's Ostuka Holdings Co a decade ago.
But it has only been 19 months since JD Health became an independent unit from its parent company JD.com, so why has it been so successful on its first day of trading? As a rising star in Internet healthcare, what impact will the listing of JD Health have on the entire industry?