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.

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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.

Bryan Walsh, author of Future
1 hour ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure