JD.com gains after filing for IPOs of two units in Hong Kong
Andrew Burton


JD.com (NASDAQ:JD) ADRs rose 7.4% after two units of the Chinese ecommerce giant filed for Hong Kong initial public offerings.
JD Property and JD Industries submitted IPO listing applications to the Hong Kong Stock Exchange, according to a regulatory filing. Upon completion of the proposed Spin-off of the two units, JD.com (JD) will continue to indirectly hold more than 50% of the shareholdings in the two businesses.

JD.com's (JD) action comes after bigger competitor Alibaba (BABA) announced on Tuesday that it planned to split its business into six main units which will cover e-commerce, media and the cloud, each of which will explore fundraising or initial public offerings.
Alibaba (BABA) shares soared 14% on Tuesday as Wall Street cheered the tech company's break up plan.