JD.com's Supply Chain Unit Set to Raise US$440 Million in Hong Kong IPO

By P.R. Venkat

Jingdong Industrials, the supply-chain tech unit of JD.com, aims to raise US$440 million in its Hong Kong initial public offering, joining a list of Chinese companies racing to list ahead of the new year.

The company set the IPO price at 14.10 Hong Kong dollars a share, equivalent to US$1.81, according to a term sheet seen by The Wall Street Journal on Tuesday.

The pricing is at the midpoint of the earlier guided range of HK$12.70-HK$15.50 a share.

Shares are set to start trading on Hong Kong's stock exchange on Thursday, the term sheet showed.

The company 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.

Jingdong Industrials has secured seven cornerstone investors that have agreed to take up nearly 44% of the offer size.

BofA Securities, Goldman Sachs and UBS are among the banks advising on the IPO.

Hong Kong has emerged as one of the world's busiest IPO markets this year, drawing Chinese issuers across sectors ranging from technology to biotechnology. In the first 10 months of 2025, IPOs in the city raised 216.0 billion Hong Kong dollars, equivalent to about US$28.0 billion, more than triple the amount raised in the same period of last year, according to the city's stock exchange.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

12-09-25 0216ET