Capital Today, DST, Hillhouse raise $619m through JD.com share sale

A total of 26 million American Depository Shares - which equate to 52 million ordinary shares - were sold at $23.80 apiece, a slight discount to the December 2 closing price, according to a filing. DST was responsible for the bulk of the sale, offloading 40.3 million ordinary shares for around $479 million. Hillhouse and Capital Today received proceeds of $54.1 million and $85.7 million, respectively, from their sales.

DST, which also took $64.3 million off the table through JD.com's $1.78 billion IPO in May, now holds a 6.5% stake in the business, down from 7.9%. Hillhouse has trimmed its holding from 11.2% to 11%, and Capital Today has gone from 6.7% to 6.5%. Hillhouse's partial exit at the IPO was worth $90.9 million, while Capital Today got $54.7 million.

The other disclosed external shareholders, Tiger Global and Tencent Holdings, both slightly increased their ownership to 15.8% and 18%. JD.com's is worth $32.3 billion at current market prices and is trading at an approximately 31% premium to its IPO price.

The share sale comes on the back of strong third-quarter results announced by JD.com. Revenue jumped 61% year-on-year to RMB29 billion ($4.7 billion), while gross merchandise volume was up 111% at RMB67.3 billion. The net loss was RMB164.4 million. For 2013 as a whole, the company posted revenue of RMB69.3 billion, up from RMB41.4 billion the previous year, and a net loss of RMB1.3 billion.

Formerly known as 360buy or Jindong.com, JD.com received more than $1.7 billion in venture capital and private equity funding in the three years running up to its offering. Capital Today was an even earlier investor, committing an initial $18 million to the company between 2007 and 2009. The PE firm was reportedly sitting on an unrealized return of more than 100x following the IPO.

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• Topics
• Exits
• Greater China
• Technology
• Consumer
• TMT
• Consumer
• Exit
• Sell down
• China
• DST Advisors
• Hillhouse Capital Management
• Capital Today China Group Company