JD.com’s Industrial Unit Slides in Hong Kong Trading Debut
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Jingdong Industrials lists on the Hong Kong Stock Exchange on Dec. 11. Photo: VCG
Jingdong Industrials Inc., a supply chain management spin-off from Chinese e-commerce heavyweight JD.com Inc., saw its shares falter on their Thursday trading debut in Hong Kong, reflecting broader investor caution despite strong demand and the city’s recent resurgence as a leading global IPO venue.
The company’s shares opened at HK$13 ($1.7), below the offering price of HK$14.1. The stock fell as much as 8.1% in early trading before trimming losses to close flat at HK$14.1. The performance lagged a 0.7% rise in the benchmark Hang Seng Index, giving the company a market capitalization of HK$37.7 billion ($4.8 billion).
Jingdong Industrials raised HK$2.8 billion in net proceeds from the initial public offering, which attracted strong demand from both retail and institutional investors. The retail tranche was oversubscribed by 60.5 times, while institutional investors oversubscribed by 7.9 times.
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- Jingdong Industrials debuted on the Hong Kong Stock Exchange below its IPO price, ending flat at HK$14.1, with a market cap of HK$37.7 billion ($4.8 billion).
- Despite strong IPO demand (retail tranche 60.5x oversubscribed; institutional 7.9x), the stock lagged the Hang Seng Index and previous private valuations.
- The company posted 2024 revenue of 20.4 billion yuan, net income of 762 million yuan, and plans to use IPO funds for supply chain and expansion.
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Who’s Who
- Jingdong Industrials Inc.
- Jingdong Industrials Inc. is a supply chain management spin-off of JD.com Inc. It debuted on the Hong Kong stock exchange, closing flat despite strong investor demand. The company plans to use the IPO proceeds to enhance its industrial supply chain capabilities, expand geographically, and fund strategic acquisitions. Founded in 2019, it provides industrial products and digital supply chain services, having achieved significant revenue and profit growth.
- JD.com Inc.
- JD.com Inc. is a Chinese e-commerce heavyweight and the parent company of Jingdong Industrials Inc. Richard Liu, founder of JD.com, is the ultimate controlling shareholder of Jingdong Industrials. Jingdong Industrials is the fifth company to list from the JD.com ecosystem, which also includes JD Health International Inc., JD Logistics Inc., and Deppon Logistics Co. Ltd.
- JD Health International Inc.
- JD Health International Inc. is one of the companies that has been spun off from the Chinese e-commerce giant JD.com. It is part of the "JD.com ecosystem" and has previously listed its shares.
- JD Logistics Inc.
- JD Logistics Inc. is one of the five listed companies within the JD.com ecosystem. It is mentioned in the context of Jingdong Industrials' IPO, highlighting its status as another successful spin-off from the e-commerce giant. Furthermore, JD Logistics acquired Deppon Logistics Co. Ltd.
- Deppon Logistics Co. Ltd.
- Deppon Logistics Co. Ltd., or 德邦物流, is mentioned as the fifth company to list from the JD.com ecosystem. It was acquired by JD Logistics. No other specific details are provided about Deppon Logistics in the article.
- Abu Dhabi sovereign wealth fund Mubadala
- Abu Dhabi sovereign wealth fund Mubadala invested in Jingdong Industrials Inc. during its Series B funding round in March 2023, valuing the company at $6.7 billion. Mubadala-linked funds remain among the major shareholders of Jingdong Industrials.
- M&G plc
- M&G plc participated as one of the cornerstone investors in Jingdong Industrials' IPO, subscribing to shares. They are also listed as a major shareholder in Jingdong Industrials.
- CPE Investment
- CPE Investment (中信产业基金) was one of seven cornerstone investors in Jingdong Industrials Inc.'s IPO. They collectively subscribed to HK$1.3 billion in shares, representing 44.5% of the global offering for Jingdong Industrials.
- Schonfeld
- Schonfeld is one of the seven cornerstone investors in Jingdong Industrials Inc.'s initial public offering in Hong Kong. Along with M&G plc and CPE Investment, Schonfeld collectively subscribed to HK$1.3 billion in shares, representing 44.5% of the global offering for Jingdong Industrials.
- HongShan Capital Group
- HongShan Capital Group is identified as one of the major shareholders in Jingdong Industrials Inc. This information is presented in the context of the company's shareholders following its IPO.
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What Happened When
- 2022：
- Jingdong Industrials reported revenue of 14.1 billion yuan ($2 billion) and a net loss of 1.3 billion yuan.
- March 2023：
- Jingdong Industrials completed a Series B funding round that valued the company at $6.7 billion, with participation from Abu Dhabi sovereign wealth fund Mubadala.
- 2023：
- Jingdong Industrials turned a profit, posting a net income of 4.8 million yuan after a net loss of 1.3 billion yuan in 2022.
- 2024：
- Jingdong Industrials reported revenue of 20.4 billion yuan and a net income of 762 million yuan. Adjusted net profit reached 1.1 billion yuan.
- First half of 2025：
- Jingdong Industrials reported revenue of 10.3 billion yuan and net income of 450 million yuan, representing a 55.2% year over year increase.
- December 11, 2025：
- Jingdong Industrials debuted on the Hong Kong Stock Exchange, raising HK$2.8 billion from its IPO. The shares opened at HK$13, below the offer price of HK$14.1, and closed flat at HK$14.1.
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