Media365
Jingdong Industrials – the supply-chain arm of China’s e-commerce giant JD.com – debuted on the Hong Kong stock exchange on Thursday, raising HK$2.98 billion (US$383 million) after pricing its initial public offering (IPO) in the middle of the marketed range.
Shares were offered at HK$14.10 each and oversubscribed by 60 times, in a deal seen as a test of investor appetite for Chinese supply-chain technology spin-offs in Hong Kong’s resurgent listings market.
They fell by 2.6 per cent during morning trading to HK$13.74, mirroring the soft performance in grey market trading the previous day, despite the strong demand for the offer.
Jingdong Industrials – also known as JD Industrials – runs an online platform that supplies tools, components and maintenance services to factories and other industrial clients and is part of JD.com’s push into business-to-business services.
Its listing comes as investors and IPO hopefuls flock to Hong Kong’s exchange, drawn by favourable valuations.
Funds raised through IPOs in the first 11 months of 2025 totalled HK$259.4 billion, a 228 per cent increase from the HK$79.1 billion in the same period last year, according to Hong Kong Exchanges and Clearing (HKEX).
The surge has been powered by a string of billion-dollar mainland Chinese listings, including Contemporary Amperex Technology, which raised US$5.24 billion in May, Chery Automobile, which secured US$1.18 billion in September, and Huawei-backed electric vehicle maker Seres Group, which raised US$1.8 billion in November.
