China’s JD.com Unit Sets Sights on $420 Million Hong Kong IPO

JingDong Industrials (JDi), the industrial supply-chain arm of Chinese e-commerce giant JD.com, has officially opened its Hong Kong initial public offering, aiming to raise up to HK$3.27 billion (approximately USD 420 million). The company plans to offer 211.2 million shares at a price band of HK$12.70 to HK$15.50 apiece; with a 15% over-allotment option, the total proceeds could reach up to USD 484 million.

At the implied top-end share price, JDi’s post-IPO valuation would stand between USD 4.5 billion and USD 5.5 billion — a notable decline from its 2023 private-market valuation of around USD 6.7 billion. The IPO allotment comprises roughly 7.7% of the expanded share capital. Key cornerstone investors, including global investment firms such as M&G and CPE I Investment, have committed about USD 170 million to the offering.

According to the IPO prospectus, JDi intends to allocate roughly 35% of the net proceeds to strengthening its supply-chain infrastructure, 25% toward business expansion (including international growth), and the remainder toward potential strategic acquisitions or investments. The company will remain a subsidiary of JD.com after listing, and share trading on the Hong Kong exchange is expected to begin on December 11, 2025.

The move comes at a time of cautious investor sentiment globally, amid volatility in U.S. markets and broader macroeconomic uncertainty. For JD.com, the IPO represents a push to monetize one of its core logistics/supply-chain assets while giving outside investors a chance to participate in its industrial-supply business. For investors, the IPO offers exposure to China’s industrial supply chain — albeit at a valuation lower than earlier private rounds, reflecting perhaps tempered growth expectations for the sector.

JingDong Industrials (JDi), the industrial supply-chain arm of Chinese e-commerce giant JD.com, has officially opened its Hong Kong initial public offering, aiming to raise up to HK$3.27 billion (approximately USD 420 million). The company plans to offer 211.2 million shares at a price band of HK$12.70 to HK$15.50 apiece; with a 15% over-allotment option, the total proceeds could reach up to USD 484 million.

At the implied top-end share price, JDi’s post-IPO valuation would stand between USD 4.5 billion and USD 5.5 billion — a notable decline from its 2023 private-market valuation of around USD 6.7 billion. The IPO allotment comprises roughly 7.7% of the expanded share capital. Key cornerstone investors, including global investment firms such as M&G and CPE I Investment, have committed about USD 170 million to the offering.

According to the IPO prospectus, JDi intends to allocate roughly 35% of the net proceeds to strengthening its supply-chain infrastructure, 25% toward business expansion (including international growth), and the remainder toward potential strategic acquisitions or investments. The company will remain a subsidiary of JD.com after listing, and share trading on the Hong Kong exchange is expected to begin on December 11, 2025.

The move comes at a time of cautious investor sentiment globally, amid volatility in U.S. markets and broader macroeconomic uncertainty. For JD.com, the IPO represents a push to monetize one of its core logistics/supply-chain assets while giving outside investors a chance to participate in its industrial-supply business. For investors, the IPO offers exposure to China’s industrial supply chain — albeit at a valuation lower than earlier private rounds, reflecting perhaps tempered growth expectations for the sector.