JD.com's Supply-Chain Tech Unit to Raise Up to $420 Million in Hong Kong IPO
By Kimberley Kao
Jingdong Industrials, the supply-chain tech unit of JD.com, plans to raise up to US$420 million in its long-awaited Hong Kong initial public offering.
The company is offering over 211 million shares and set its IPO price range at 12.70 Hong Kong dollars to HK$15.50 a share, according to an exchange filling on Wednesday.
At the top end of the price range, Jingdong Industrials would raise up to HK$3.27 billion, equivalent to US$420 million.
It expects shares to start trading Dec. 11, and will remain a subsidiary of JD.com after the listing.
BofA Securities, Goldman Sachs and UBS are among banks advising Jingdong Industrials on the offering.
The company said it intends to use about 35% of net proceeds raised to further enhance its industrial supply-chain capabilities, around 25% to expand internationally, and about 30% to pursue potential strategic investments or acquisitions.
JD.com first disclosed plans to list Jingdong Industrials in March 2023 alongside a listing for property unit Jingdong Property. Jingdong Industrials' listing application was approved by China's securities regulator in September this year.
Chinese e-commerce giant JD.com has previously spun off businesses through listings over the years, including online healthcare unit JD Health International and supply-chain solutions provider JD Logistics.
JD.com's Hong Kong-listed shares have slid nearly 15% this year, despite the benchmark Hang Seng Index rising around 30%.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
December 02, 2025 20:18 ET (01:18 GMT)
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