BRIEF: JingdongIndustrials launches $420 million Hong Kong IPO

Jingdong Industrials Inc. (7618.HK), the industrial supply chain services arm of JD.com (9618.HK; JD.US), launched its Hong Kong IPOon Wednesday, offering 211 million shares for HK$12.70 to HK$15.50 per share. The sale could raise up to HK$3.27 billion ($420 million), with a trading debut set for Dec. 11.

Jingdong Industrials provides industrial product supply and digitalized supply chain services using a maintenance, repair and operations (MRO) procurement platform that it began building in 2017. According to third-party market data in its prospectus, the company is currently the largest MRO procurement services provider in China based on 2024 gross merchandise value (GMV).

At the end of June this year, the company had a product catalogue covering around 81.1 million products across 80 categories. For the first half of 2025, its revenue from continuing operations reached 10.25 billion yuan, up 18.9% year-on-year, while its net profit climbed 55% to 451 million yuan.

Its listing will make Jingdong Industrials the fifth publicly traded company within the JD family, joining JD.com, JD Health (6618.HK), JD Logistics (2618.HK) and Deppon Logistics (603056.SH).

The company said proceeds from the IPO will be primarily used to further strengthen its industrial supply chain capabilities, expand its business footprint across new regions, pursue potential strategic investments or acquisitions, and supplement general working capital.

By Lee Shih Ta

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