JingDong Industrials Plans Hong Kong IPO Targeting $500 Million

HONG KONG, Nov. 26, 2025 — JingDong Industrials is preparing to step into the public markets with a Hong Kong offering that aims to raise about $500 million. The company, widely known as JDi, is the industrial supply chain services unit created from JD.com’s spin-off in 2023. People familiar with the plan say the company is working toward book building around December 8 or 9 and hopes to begin trading around December 11. That timing may still shift, and the size of the offer may adjust as investor interest becomes clearer through meetings taking place this week.

JDi now operates independently but remains majority owned by JD.com, which holds close to 79 percent. The company describes itself as a leading industrial supply chain technology and service provider in China. The sector it serves has expanded quickly as manufacturers and major distributors modernizes their systems. JDi reported 10.3 billion yuan in revenue in the first half of 2025. That figure is roughly $1.4 billion and represents nearly 19 percent growth from the previous year, which has drawn interest from investors looking for companies linked to China’s ongoing industrial upgrade.

Why Investors are Paying Attention

Hong Kong has seen a revival in new listings this year. By mid-November more than $32 billion had been raised through IPOs in the city, which has put Hong Kong back near the top of global listing venues. This surge has been shaped by technology firms, industrial supply chain specialists, and a handful of major spin-offs that chose the market for its international reach.

Investors are mindful of the risks. Several high-profile companies that listed earlier this year struggled during their first days of trading. For example, autonomous driving firms that came to market recently fell sharply on debut. Those disappointments made buyers cautious and reminded companies considering an offering that momentum can shift quickly. JDi is entering this environment with a strong growth story, yet it must still convince buyers that the valuation will be supported once trading begins.

What Could Determine the Outcome?

Market sentiment remains one of the biggest factors. Global markets have been unpredictable at times, and swings in the United States have spilled over into Hong Kong. Investors now look closely at macroeconomic trends before committing to new issues. JDi is not immune to that mood. The company has a solid position within its field, but buyers may still want reassurance on how the business will perform in a competitive and fast-changing sector.

The banks supporting the IPO are working through investor meetings this week to test appetite. Their feedback will shape the final price range. Bank of America, Goldman Sachs, Haitong International Securities, and UBS are acting as joint sponsors. Their involvement signals a vote of confidence in the deal and brings a deep base of global institutional clients who often anchor offerings of this size.

Inside the Structure of the Deal

Book Building and Preparation: The company has already submitted a near final prospectus to the Hong Kong Stock Exchange. This step allows JDi to begin holding formal investor discussions. These conversations often guide the next adjustments to valuation expectations and help the team refine its message as the offer moves closer to launch.

Banks Leading the Transaction: The syndicate of prominent international banks strengthens the credibility of the offer. Their track records reassure many institutional buyers who prefer offerings backed by experienced underwriters. The group also provides reach across global markets, which can help broaden participation.

Is This IPO a Timely Opportunity or a Cautious Test?

The road ahead is balanced between opportunity and uncertainty. JDi is entering a market that is active and competitive, yet investors are more selective than they were earlier in the year. The company’s growth numbers suggest a business with a clear role in China’s industrial technology landscape. Revenue growth near 19 percent signals steady demand, and the expansion of supply chain technology across Asia has created room for companies like JDi to scale.

The challenge lies in how the broader market behaves during the final days before the offer. Buyers may welcome the chance to back a company tied to industrial modernization. Others may hesitate until they see how global markets move in the coming weeks. If demand proves strong, the listing could reinforce Hong Kong’s momentum and highlight the city’s appeal as a global venue for Chinese spin-offs. If interest softens, the deal may need to adjust in size or valuation.

JDi is now approaching a defining moment. Investor meetings over the next several days will play a major role in shaping the final price and overall size. The team will be refining its message as book building approaches. The result will signal not only the appetite for this particular company but also the tone for other industrial technology listings preparing to enter the market in the months ahead.

Bank of America, Goldman Sachs, Haitong International Securities, and UBS are acting as joint sponsors. Their involvement signals a vote of confidence in the deal and brings a deep base of global institutional clients who often anchor offerings of this size.

Inputs from Diana Chou

Editing by David Ryder