JingDong Industrials Plans $500 Million IPO in Hong Kong
HONG KONG – JingDong Industrials, part of the Chinese online retailer JD.com, is looking to launch an initial public offering (IPO) of up to $500 million in Hong Kong as early as next week, according to three sources familiar with the situation.
The company, often referred to as JDi, has been reaching out to investors this week and aims to determine its offering price on December 8, with potential plans for a listing on the same day. These sources, wishing to remain anonymous due to the confidential nature of the information, noted that the final launch date is still pending.
There’s some uncertainty about the IPO size as well. It may be adjusted downward based on how investors initially respond, two of the sources indicated.
JD.com maintains approximately 79% ownership in JDi after spinning it off in 2023, though they have not provided any comments on this development.
This IPO arrives amidst a period of volatility in the U.S. market, which has adversely affected the performance of recent new listings in Hong Kong. Investors are feeling a bit more cautious now, especially after a bustling year that positioned the city as the leading global listing venue by trading volume.
Notably, shares of self-driving companies Pony Eye and Willide fell nearly 10% on their debut earlier this month.
While JDi was valued at around $6.7 billion during a pre-IPO funding round in 2023, sources caution that the IPO might lead to a diminished valuation.
As per data from Dealogic, the total value of new listings in Hong Kong reached approximately $32 billion as of November 17, marking an increase of over 200% year-on-year.
JDi secured approval from China’s securities regulator in September, more than two years after initially notifying the China Securities Regulatory Commission of its plans for the offering.
In its Hong Kong IPO filing, JDi describes itself as a leading provider of technology and services within China’s industrial supply chain. The company reported that sales for the first half of 2025 jumped 18.9% year-on-year, totaling 10.3 billion yuan (about $1.4 billion).
Bank of America, Goldman Sachs, Haitong International Securities, and UBS are listed as co-sponsors of the upcoming IPO, according to JDi’s filing with the stock exchange.
