JingDong Industrials to launch IPO seeking up to $500 million next week, sources say

Core Viewpoint - JingDong Industrials (JDi), a subsidiary of JD.com, is planning an initial public offering (IPO) in Hong Kong, targeting up to $500 million, with pricing expected on December 8 and listing on December 11 [1][2]. Company Overview - JDi is engaged in industrial supply chain services and was valued at approximately $6.7 billion in its pre-IPO round in 2023 [4][5]. - JD.com holds about 79% of JDi after spinning it off in 2023 [2]. IPO Details - The IPO size may be adjusted based on initial investor interest, indicating potential for downsizing [2][4]. - JDi received approval from China's securities watchdog in September, following over two years of planning [5]. Market Context - The IPO occurs amid volatility in U.S. markets, which has negatively impacted recent listings in Hong Kong, leading to increased caution among investors [3]. - Hong Kong has seen a significant increase in new listings, totaling around $32 billion as of November 17, up over 200% year-on-year [4]. Financial Performance - In the first half of 2025, JDi reported a revenue increase of 18.9% year-on-year, reaching 10.3 billion yuan (approximately $1.4 billion) [5]. Sponsorship - The IPO is being jointly sponsored by Bank of America, Goldman Sachs, Haitong International Securities, and UBS [6].