JD Logistics – Note 1 (pre-hearing thoughts)

[March 11th, 2021] JD Logistics expects to list in Hong Kong. Some initial thoughts after skimming its prospectus. The characteristics of the business Heavy upfront/on-going investment in PP&E for logistics network and operating assets (a real asset & operation play)On-going investment in R&D for operating efficiency and capability (tech-driven) Labor intensive which might be a …