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SoftBank and Temasek buy into JD Logistics IPO

E-commerce company trims valuation target amid market turmoil

Seven cornerstone investors have agreed to buy $1.5 billion of the shares on offer in JD Logistics' IPO.    © Reuters

HONG KONG -- The logistics unit of Chinese e-commerce platform has secured about $1.5 billion in commitments from SoftBank Vision Fund, Singapore government investment fund Temasek and five other cornerstone investors as it heads for a public listing, two people familiar with the deal said.

JD Logistics plans to open its Hong Kong initial public offering for general orders as early as Monday, seeking to raise as much as $3.5 billion.

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