JD Weighs at Least $1 Billion Bond Sale Linked to Health Unit

The JD.com Inc. headquarters in Beijing.
Photographer: Na Bian/Bloomberg

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By Janice Huang, Dong Cao, and Saikat Das

November 25, 2025 at 7:42 AM UTC

Updated on

November 25, 2025 at 8:38 AM UTC

JD.com Inc. is looking to raise at least $1 billion through an equity-linked bond sale, according to people familiar with the matter, in what would be the latest in a wave of recent debt offerings by Chinese e-commerce companies.

JD.com has been sounding out investor interest for the potential sale of bonds exchangeable into shares of JD Health International Inc., its Hong Kong-listed online healthcare arm, said the people, asking not to be identified because the information is private. Discussions are ongoing and details may change, the people added.