China's JD.com unit Jingdong Industrials aims for US$412 million Hong Kong IPO

Jingdong Industrials, the supply-chain exertion limb of JD.com, aims to rise arsenic overmuch arsenic HK$3.21 cardinal (US$412 million) done a Hong Kong banal offering, joining a question of mainland Chinese companies tapping into the city's buoyant superior market.

The institution said it would connection 211.21 cardinal shares priced betwixt HK$12.70 and HK$15.50 successful its superior offering, with the last connection terms to beryllium determined connected December 10, according to a filing with the Hong Kong banal speech connected Wednesday.

About 10 per cent of the H-share offering would beryllium allocated to the public, with the remainder reserved for organization investors, JD Industrials said. Retail investors tin statesman subscribing to shares connected Wednesday, with the connection closing connected December 8. Trading is expected to commence connected December 11. The institution whitethorn workout an overallotment enactment to contented up to 31.68 cardinal further shares.

Do you person questions astir the biggest topics and trends from astir the world? Get the answers with SCMP Knowledge, our caller level of curated contented with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

JD Industrials' listing comes arsenic investors and IPO hopefuls flock to Hong Kong's exchange, drawn by favourable valuations. The city's marketplace capitalisation grew 37 per cent twelvemonth connected twelvemonth to HK$48.1 trillion by the extremity of October, according to Hong Kong Exchanges and Clearing data.

Investors and listing hopefuls are flocking to Hong Kong's banal exchange, drawn by favourable valuations. Photo: Jelly Tse alt=Investors and listing hopefuls are flocking to Hong Kong's banal exchange, drawn by favourable valuations. Photo: Jelly Tse>

The maturation has been powered by a drawstring of billion-dollar mainland Chinese listings. Contemporary Amperex Technology raised US$5.24 cardinal successful May, followed by Chery Automobile securing US$1.18 cardinal successful September and Huawei-backed electrical conveyance shaper Seres Group raising US$1.8 cardinal successful November.

The IPO roar has boosted banal marketplace liquidity, with mean regular turnover reaching HK$258.2 cardinal successful the archetypal 10 months of 2025, much than treble compared to the aforesaid play past year.

JD Industrials said it planned to usage 35 per cent of the nett proceeds to heighten its concern supply-chain capabilities implicit the adjacent 4 to 5 years, portion 25 per cent would spell towards concern expansion. The remainder would beryllium utilized for acquisitions and moving capital.

The woody has attracted 7 cornerstone investors: London-based M&G Investments, CPE Investment, Anatole Investment, IvyRock Asset, CoreView Capital, Schonfeld Strategic Advisors and Burkehill Global Management. They person committed to subscribe for shares worthy a full of US$170 cardinal and agreed to clasp them for astatine slightest six months aft the listing.