JingDong Industrials Plans $500 Million IPO Launch Next Week, Sources Reveal

By Kane Wu and Scott Murdoch HONG KONG (Reuters) - JingDong Industrials, a subsidiary of the Chinese e-commerce giant JD.com, is set to initiate an initial public offering (IPO) of up to $500 million in Hong Kong next week, according to three sources familiar with the matter who requested anonymity due to the sensitive nature of the information. Known as JDi, the company is currently engaging with investors this week, aiming to establish a price for the offering by December 8, with a potential listing date of December 11. The specific launch timeline for JDi, which specializes in industrial supply chain services, has yet to be confirmed, the sources indicated. The IPO size remains flexible and could be adjusted based on initial investor feedback, two of the sources noted. JD.com, which retains approximately 79% ownership of JDi after its spin-off in 2023, has not provided a comment on the matter. This highly anticipated IPO comes amid U.S. market volatility that has adversely affected the performance of several recent new listings in Hong Kong. Furthermore, investor sentiment has turned more cautious following a year in which the city emerged as the leading global venue for IPO activity. Shares of autonomous vehicle companies Pony.ai and WeRide saw a sharp decline of around 10% in their opening days earlier this month. JDi, valued at approximately $6.7 billion in its pre-IPO funding round in 2023, may face a potential valuation adjustment during the IPO, as per the cautionary notes from two sources. According to Dealogic, the total for new listings in Hong Kong reached around $32 billion as of November 17, representing an increase of over 200% year-on-year. JDi received approval from China's securities regulator in September, more than two years after it initially filed its IPO plans with the China Securities Regulatory Commission. In its IPO documentation, JDi emphasized its position as the leading technology and service provider in China's industrial supply chain sector. In the first half of 2025, the company's revenue surged by 18.9% year-on-year to 10.3 billion yuan ($1.4 billion). Joint sponsors for the IPO include Bank of America, Goldman Sachs, Haitong International Securities, and UBS, as per JDi's filings with the stock exchange. (Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney; Editing by Thomas Derpinghaus) View Comments