JD Health, the health-care division of the Chinese ecommerce giant JD.com, has raised the equivalent of $3.5 billion from an initial public offering (IPO) in Hong Kong in what marks the biggest health-care IPO from Asia and the biggest first-time IPO in Hong Kong this year.

JD Health sold 381.9 million shares at HK$70.58 apiece and raised the equivalent of $3.5 billion from investors in the process, according to terms first reported by Bloomberg. The company is now set to begin trading on the Hong Kong markets on the 8th of December.

JD Health is a division of JD.com that offers online health-care services such as an online pharmacy and a telehealth platform for consultations with doctors. The division brought in $1.34 billion in revenue in the first half of this year, up from $762 million in the same period last year, filings show.

Before its IPO, JD Health had raised $1.8 billion in venture funding from investors including Hillhouse Capital, China International Capital Corporation (CICC), Baring Private Equity Asia, and of course its parent firm JD.com.

JD.com owns a controlling stake of 78% in its health division as it’s set to begin trading on Hong Kong markets.

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