By Andy Sambidge
Online retail firm to hold largest US initial offering by Chinese company in more than a decade in H2
Jingdong Inc, in which Prince Alwaleed's Kingdom Holding Company holds a stake, is planning the largest US initial offering by a Chinese company in more than a decade by the second half of this year.
Last year, the Saudi billionaire's investment firm led a consortium of investors to buy a SR1.5 billion ($399 million) stake in the Chinese online retail firm, with Kingdom Holding investing SR470 million.
Jingdong, an online direct sales company, posted annual sales exceeding $16.7 billion last year, a statement said.
The proceeds will help Jingdong expand in an e-commerce market that will be worth $395 billion by 2015, according to McKinsey & Co.
Chinese companies raised $907 million from first-time share sales in the US last year, more than five times the amount in 2012, data compiled by Bloomberg show.
Prince Alwaleed said: "Our deal solidifies the strategic relationship between Saudi Arabia and China."
Richard Liu, the founder and CEO of Jingdong Inc, said: "We appreciate Kingdom's support and we look forward to a long lasting and constructive relationship."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.