Skadden, Arps, Slate, Meagher & Flom and Shihui Partners advised Chinese online medical consultation and pharmaceutical sales provider JD Health International on its $3.48 billion initial public offering in Hong Kong with Cleary Gottlieb Steen & Hamilton and Han Kun Law Offices counselling the joint sponsors and the underwriters.

According to Reuters, the deal, which could value the unit of e-commerce giant JD.com at nearly $29 billion, comes during a good year for China’s healthcare platforms which have seen their popularity surge in the wake of the coronavirus.

JD Health was among the platforms offering consultation for COVID-19 symptoms at the height of China’s coronavirus outbreak this year, Reuters added.

Reuters also noted that the float took Hong Kong’s 2020 IPO proceeds beyond $25 billion from over 100 deals, on track for the best year in a decade. Including secondary listings, the total stands at $39.1 billion. JD Health’s IPO was Hong Kong’s largest this year, followed by China Bohai Bank’s $2.05 billion listing in July.

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