
JingDong Industrials lists 211.2 million shares, signalling renewed investor appetite in Hong Kong market
JingDong Industrials (JDi), the industrial supply-chain unit of Chinese e-commerce giant JD.com, has officially launched its long-awaited initial public offering in Hong Kong, targeting proceeds of up to HK$3.27 billion (roughly US$420 million).
The offering comprises 211.2 million shares at a price range of HK$12.70 to HK$15.50 apiece, with final pricing expected on December 10 and first trading scheduled the following day.
Major institutional support has already materialised — seven cornerstone investors led by British firm M&G and CPE I Investment have committed to a combined purchase of approximately US$170 million in the offering.
JDi positions itself as a leading provider of industrial supply-chain technology and services in China, catering to business-to-business clients with procurement, logistics and supply-chain software offerings.
In its filings, the company revealed that in the first half of 2025 it generated revenue of ¥10.3 billion yuan, marking an 18.9 percent year-on-year increase.
The capital raised via the IPO will be usefully deployed: about 35 percent is earmarked for strengthening supply-chain infrastructure over the next two to three years, while a further 25 percent is intended for geographical expansion.
Remaining funds will support general corporate growth and possible strategic investments.
The listing marks the conclusion of a protracted process.
JDi first filed for a Hong Kong IPO in March 2023, but only secured the green light from Chinese regulators in September 2025. Its listing joins a surge of mainland firms returning to the Hong Kong market this year, as the city reaffirms its stature as a leading global centre for public offerings despite macroeconomic headwinds and global market volatility.
Underwriters for the deal include Bank of America, Goldman Sachs, Haitong International Securities and UBS, reflecting the high-profile nature of the float and the level of confidence among global financial institutions.
The offering comprises 211.2 million shares at a price range of HK$12.70 to HK$15.50 apiece, with final pricing expected on December 10 and first trading scheduled the following day.
Major institutional support has already materialised — seven cornerstone investors led by British firm M&G and CPE I Investment have committed to a combined purchase of approximately US$170 million in the offering.
JDi positions itself as a leading provider of industrial supply-chain technology and services in China, catering to business-to-business clients with procurement, logistics and supply-chain software offerings.
In its filings, the company revealed that in the first half of 2025 it generated revenue of ¥10.3 billion yuan, marking an 18.9 percent year-on-year increase.
The capital raised via the IPO will be usefully deployed: about 35 percent is earmarked for strengthening supply-chain infrastructure over the next two to three years, while a further 25 percent is intended for geographical expansion.
Remaining funds will support general corporate growth and possible strategic investments.
The listing marks the conclusion of a protracted process.
JDi first filed for a Hong Kong IPO in March 2023, but only secured the green light from Chinese regulators in September 2025. Its listing joins a surge of mainland firms returning to the Hong Kong market this year, as the city reaffirms its stature as a leading global centre for public offerings despite macroeconomic headwinds and global market volatility.
Underwriters for the deal include Bank of America, Goldman Sachs, Haitong International Securities and UBS, reflecting the high-profile nature of the float and the level of confidence among global financial institutions.



























