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Illustration: Sarah Grillo/Axios

JD.com, a Beijing-based e-commerce giant, filed confidentially for a Hong Kong stock float that could raise at least $2 billion, per multiple reports.

Why it's the BFD: It reflects how Hong Kong's 2018 decision to relax listing rules on dual-class shares is paying off by bringing local giants back home, with JD.com looking likely to follow NYSE-listed Alibaba Group's giant Hong Kong stock sale from last November.

The bottom line: "JD.com’s potential Hong Kong secondary listing may help to narrow its valuation gap with global e-commerce peers such as Amazon and Alibaba. Alibaba’s market value increased by more than 20% within two months of its Hong Kong listing, as its offering attracted domestic investors who are also its customers," writes Bloomberg.

Go deeper

Dan Primack, author of Pro Rata
Jul 31, 2020 - Technology

Chinese facial recognition developer nears $1.5 billion funding round

Illustration: Aïda Amer/Axios

SenseTime, a Chinese developer of facial recognition technologies, is wrapping up a $1.5 billion funding round at a $10 billion valuation and is in talks to list on China’s STAR market, per Reuters.

Why it matters: This is the company’s first fundraise since being placed on a U.S. blacklist for alleged involvement in human rights abuses against Uyghur Muslims in China. It previously raised nearly $3 billion, including from U.S.-based firms like Fidelity, Glade Brook, Qualcomm Ventures, and Silver Lake Partners.

Del Rio bridge camp empty following Haitian migrant surge

A boy bathes himself in a jug of water inside a migrant camp at the U.S.-Mexico border on Sept. 21 in Del Rio, Texas. Photo: John Moore/Getty Images

The last migrants camping under the Del Rio International Bridge, which connects Texas and Mexico, departed on Friday, Homeland Security Secretary Alejandro Mayorkas announced during a White House press briefing.

Driving the news: Thousands of migrants, mostly from Haiti, had arrived to the makeshift camp after crossing the southern border seeking asylum. Roughly 1,800 migrants will now head to U.S. Customs and Border Protection processing centers.

White House says it expects federal contractors to be vaccinated by Dec. 8

Photo: Stefani Reynolds/Bloomberg via Getty Images

The White House said in new guidance Friday that it expects millions of federal contractors to be vaccinated against the coronavirus no later than Dec. 8.

Why it matters: Companies with federal contractors have been waiting for formal guidance from the White House before requiring those employees to get vaccinated, according to Reuters.