JD.com's Supply-Chain Unit Makes Tepid Hong Kong Debut

By Tracy Qu

Shares of Jingdong Industrials, the supply-chain tech unit of JD.com, were volatile on their first day of trading after the company raised more than US$380 million in one of the busiest listing markets this year.

The tepid debut comes as a slew of Chinese companies have rushed to list in Hong Kong before the end of the year, putting the city on track to become the world's top listing destination by proceeds.

The stock fell as much as 10% to 12.66 Hong Kong dollars early Thursday before nearly erasing losses to trade at HK$14.09 by midday, roughly flat from its offering price of HK$14.10. The benchmark Hang Seng Index edged 0.1% higher.

The company, also known as JD Industrials, issued 211.2 million shares in its initial public offering, raising HK$2.98 billion in gross proceeds, equivalent to about US$383 million, according to an exchange filing late Wednesday.

JD Industrials said it plans to use about 35% of the net proceeds raised to improve its industrial supply-chain capabilities, around 25% to expand overseas, and about 30% to pursue potential strategic investments or acquisitions.

Cornerstone investors in the offering included U.K. investment manager M&G and Chinese alternative-investment firm CPE.

Hong Kong has become one of the world's most popular markets for listings this year, attracting Chinese companies from sectors ranging from technology to automobile. In the first 11 months of 2025, funds raised through IPOs reached the equivalent of about US$33 billion, more than tripling from the same period a year ago, according to Hong Kong's stock exchange.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

December 11, 2025 00:14 ET (05:14 GMT)