Core Viewpoint - JD Industrial plans to globally issue 211 million shares with a price range of HKD 12.7 to HKD 15.5 per share, aiming to enhance its industrial supply chain capabilities and expand its market presence [1][4][5]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, offering a comprehensive digitalized supply chain solution called "Taipu" that integrates products and services [1][5]. - The company has established a robust end-to-end digital infrastructure for supply chain management, covering procurement, fulfillment, and operations [1][6]. Market Position - According to market data, JD Industrial holds a 4.1% market share in China's industrial supply chain technology and services market, making it the largest service provider in this sector as of 2024 [1][5]. - The company's revenue is projected to grow from approximately CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [1][5]. Product Offering - As of June 30, 2025, JD Industrial offers around 81.1 million SKUs across 80 product categories, sourced from approximately 158,000 manufacturers, distributors, and agents [2][5]. Industry Trends - The Chinese industrial supply chain market is characterized by high fragmentation and inefficiencies, with a digital penetration rate of only 6.2% in 2024, expected to rise to 8.2% by 2029 [2][6]. - The market size for industrial supply chain technology and services is anticipated to grow from CNY 7 trillion in 2024 to CNY 11 trillion in 2029, with a CAGR of 9.8% [2][6]. Operational Model - JD Industrial has adopted a light-asset operational model, leveraging digital connections between procurement needs and inventory from distributors and manufacturers, allowing for direct shipping from suppliers to customers [3][6]. Fund Utilization - The company plans to allocate approximately 35% of the raised funds to enhance industrial supply chain capabilities, 25% for regional business expansion, 30% for potential strategic investments or acquisitions, and 10% for general corporate purposes and working capital [3][7]. Ecosystem Development - JD Group has systematically built an ecosystem around its core supply chain business, integrating various platforms in consumption, health, logistics, and industrial sectors to enhance collaboration and competitiveness [3][7].
京东工业启动招股 拟全球发售2.11亿股