JD.com, the online retailer backed by Saudi billionaire Prince Alwaleed bin Talal, filed to raise $1.5 billion in the first Chinese initial public offering in the U.S. since a judge suspended accounting firms.
Beijing Jingdong Trading Co., the Chinese online retailer backed by Saudi Prince Alwaleed bin Talal, plans to raise about $2 billion in an initial public offering in the second half, three people with knowledge of the matter said.
Shadi Sadeek Sanbar, chief financial officer at Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding Co., is planning to leave the company this month, according to four people with knowledge of the matter.
Prince Alwaleed bin Talal, the Saudi billionaire with stakes in companies including Citigroup Inc., is weighing options including an initial public offering for Four Seasons Holdings Inc. and Fairmont Hotels & Resorts Inc.
After losing billions on U.S. stocks beginning in 2000, Alwaleed Bin Talal says he may become richer than the Oracle of Omaha. His strategy: holding an IPO for his luxury hotels and building the world’s tallest tower in his homeland.
Prince Alwaleed Bin Talal sits under an almost full moon near a campfire at his rustic retreat in Riyadh, Saudi Arabia. He’s surrounded by a zoo with zebras and giraffes, an artificial lake and a lodge that has an indoor pool, saunas and steam rooms. Three hooded falcons are perched on stands in front of him.
Kingdom Holding Co ., the investment company controlled by Saudi billionaire Prince Alwaleed Bin Talal, and its hotels unit may sell minority stakes held in hotels as part of a plan to focus on higher-earning properties.