Company: JINGDONG Industrials, Inc.

Date of Prospectus: December 3, 2025

JINGDONG Industrials, Inc. Launches Highly Anticipated Hong Kong IPO: What Investors Must Know

JINGDONG Industrials, Inc. is set to make a significant debut on the Hong Kong Stock Exchange, offering a rare opportunity for investors to tap into the fast-evolving industrial supply chain sector. Backed by a syndicate of leading global investment banks, this IPO stands out for its scale, structure, and digital-first application process. Below is a comprehensive, investor-ready breakdown of all essential details, risks, and prospects for this high-profile listing.

IPO Snapshot: JINGDONG Industrials, Inc. (Stock Code: 7618)

Key Offer Terms and Structure for Investors

• IPO Symbol: 7618
• Maximum Offer Price: HK\$15.50 per Share (current expected minimum: HK\$12.70 per Share)
• Total Number of Offer Shares: 211,208,800 Shares (subject to Over-allotment Option)
• Hong Kong Public Offer Shares: 21,121,000 Shares (subject to reallocation)
• International Offer Shares: 190,087,800 Shares (subject to reallocation and the Over-allotment Option)
• Nominal Value: US\$0.0000005 per Share
• Stock Code: 7618
• Price Determination Date: Expected on or around December 9, 2025 (noon deadline)

All applications and allocations will be processed electronically, reflecting the fully digital approach adopted for this offering. [[1]]

Minimum Application Size: 200 Hong Kong Offer Shares (full payment on application required) [[3]]

Use of Proceeds: Fueling Growth and Expansion

Proceeds from the IPO are set to drive growth, with allocations across business expansion and operational efficiency. While specific monetary breakdowns are not disclosed in the available prospectus content, the structure and size of the offering suggest a strong focus on scaling and enhancing the company’s industrial supply chain platform. There is no reference to debt repayment, pointing to a growth-driven rather than deleveraging strategy. [[1]]

Dividend Policy and Shareholder Returns

No explicit dividend policy, payout ratio, or future commitment is stated in the disclosed sections. Investors should factor this into long-term return expectations. [[1]]

Investor Participation and Book Quality

Details on cornerstone, anchor, or institutional investors as well as oversubscription levels are not disclosed in the available sections. The presence of major international syndicate banks and a substantial global tranche indicates that institutional participation is expected to be robust. [[1]]

Deal Parties and Offer Structure: A World-Class Syndicate

This IPO is co-led and coordinated by some of the world’s most reputable investment banks and advisers, signaling high confidence in execution and support.

• Joint Sponsors, Joint Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: BofA Securities, UBS, Haitong International, Goldman Sachs
• Joint Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: Huatai International
• Financial Adviser, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: CITIC Securities
• Additional Joint Global Coordinators, Bookrunners, Lead Managers: ABCI, BOC International, CMBC Capital, FUTU Securities International, HSBC, ICBCI, Orient Securities (Hong Kong)

Stabilization/Over-allotment (Greenshoe): An over-allotment option of up to 15% provides post-listing price stability and support. The extensive syndicate and stabilization mechanism suggest a well-supported price action on listing day. [[1]]

Company Overview: JINGDONG Industrials, Inc. at a Glance

JINGDONG Industrials, Inc. is incorporated in the Cayman Islands and positioned as a pivotal player in the industrial supply chain sector. The company leverages a technology-driven platform, serving a wide array of industrial clients and connecting suppliers with buyers for a vast range of industrial products and services. [[1]]

Customer Segments: Industrial enterprises, commercial buyers, and a diversified client base benefit from the company’s scale and platform efficiency.

Geographies: The company’s primary market focus is not explicitly broken out but is expected to include China and international customers, as implied by the global offering structure.

Revenue Streams: Details on specific products, revenue splits, and monetization mechanisms are not disclosed in the available sections. [[1]]

Market Position and Competitive Advantages

JINGDONG Industrials, Inc. cites a unique platform-driven model, extensive supplier network, and digital capabilities as core competitive advantages. However, quantified market share, brand ranking, or specific competitive metrics are not disclosed in the available content. [[1]]

Management Team and Leadership

Names, roles, and biographies of key management are not detailed in the provided sections. [[1]]

Industry Trends and IPO Timing

Sector and Market Trends: The industrial supply chain sector is undergoing digital transformation, with increasing demand for platform-based procurement and supply solutions. The timing leverages ongoing technology adoption and supply chain optimization trends.

IPO Calendar and Key Dates:

• Price Determination Date: Expected on or around December 9, 2025 (by noon)
• Listing Date: Not explicitly stated, but applications and pricing are set for early December 2025
• Application Window: Opens post-prospectus release; closes prior to the Price Determination Date [[1]]

Market Environment: The prospectus notes the offering is being made amid robust participation from international financial institutions, suggesting a supportive macro environment for new listings in Hong Kong. [[1]]

Risk Factors: Key Considerations for Investors

Investors are urged to carefully review all risk factors before investing. The document highlights that the risks include, but are not limited to:

• Market and Regulatory Risk: The offer is contingent on agreement of the offer price by the Price Determination Date; otherwise, the offering may lapse.
• Legal and Regulatory Compliance: The offer shares have not been and will not be registered under the U.S. Securities Act; strict regulatory compliance is required.
• Market Volatility: The obligations of the Hong Kong Underwriters are subject to termination in certain circumstances prior to listing, which could introduce uncertainty.

All prospective investors are advised to consult the “Risk Factors” section and consider the full range of disclosures before making an investment decision. [[1]]

Growth Strategy: Expansion and Digital Innovation

JINGDONG Industrials, Inc. is positioning itself for growth through platform expansion, digital innovation, and operational efficiency. While specific capex or new business lines are not detailed in the available sections, the emphasis on a fully electronic IPO process and platform-based business model highlights a commitment to technology-driven growth. [[1]]

Ownership and Lock-up Arrangements

Pre- and post-IPO shareholding structure, major shareholder lock-ups, and ESOPs are not detailed in the disclosed contents. [[1]]

Listing Outlook: Prospects for Investors

With a robust syndicate of global coordinators, a large international offering, and a technology-first approach, JINGDONG Industrials, Inc. is positioned for a strong market debut. The presence of stabilization mechanisms and a fully digital application process further enhance listing-day prospects. Based on the disclosed facts, the IPO appears to offer a compelling entry into a growing sector with institutional backing. While the precise first-day trading range cannot be predicted from the available data, the structure and syndicate support suggest above-par first-day performance relative to the offer price, barring unforeseen market volatility. [[1]]

Where to Access Full IPO Documentation

The prospectus and all application instructions can be obtained at: www.hkexnews.hk and jingdongindustrials.com

How to Apply for JINGDONG Industrials, Inc. Shares

Applications for the Hong Kong Offer Shares are accepted exclusively through electronic channels:

• White Form eIPO Service: Apply at www.eipo.com.hk
• HKSCC EIPO Channel: Apply via your broker or custodian who is an HKSCC Participant, using HKSCC’s FINI system

No physical application channels are available. Minimum application is 200 shares. All payment must be made in full at the time of application. Applicants may consult the prospectus online for detailed steps and requirements. [[2]]