JD.com’s supply-chain technology arm, Jingdong Industrials, has begun taking investor orders for its Hong Kong initial public offering (IPO), aiming to raise up to HK$3.3 billion (S$549 million). The move caps more than two years of efforts to take the business public.
According to a filing with the Hong Kong stock exchange on Wednesday (Dec 3), the company is offering 211 million shares priced between HK$12.70 and HK$15.50 each. The Beijing-based firm is scheduled to debut on Dec 11.
Jingdong Industrials joins the final wave of companies powering Hong Kong’s strong IPO market this year, which is on track to hit a four-year high in total listing proceeds. The company said the funds raised will be used to strengthen its industrial supply-chain capabilities—particularly AI-driven technologies—as well as to support expansion plans, investments, and acquisitions.
The firm first filed for an IPO in March 2023, but approval from China’s securities regulator was granted only in September 2024, delaying the listing timeline. JD.com previously said that carving out the unit would better showcase its value and allow it to tap equity and debt markets directly. The e-commerce giant also sought to list its property arm, though that application remains pending with the China Securities Regulatory Commission.
Bank of America, Goldman Sachs, Haitong International, and UBS Group are acting as joint sponsors for the offering.
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