Zhong Guo Jing Ying Bao·2026-01-28 13:54Core Viewpoint - JD Property, a subsidiary of JD Group, has submitted an A1 application to the Hong Kong Stock Exchange, aiming for a mainboard listing, showcasing its asset scale, business structure, competitive advantages, and overseas strategy [1] Group 1: Company Overview - JD Property is positioned as a leading modern infrastructure development and management platform in China, managing over 120 billion RMB in assets and covering more than 280 modern infrastructure assets globally [1] - The company has established a comprehensive infrastructure network, with domestic coverage across 29 provincial administrative regions and international presence in key logistics nodes in Asia-Pacific, Europe, and the Middle East [2] Group 2: Financial Performance - In 2024, JD Property achieved total revenue of 3.42 billion RMB, a year-on-year increase of 19.1%, with revenue for the first nine months of 2025 reaching 3 billion RMB, surpassing the total for 2023 [3] - The core business of infrastructure solutions contributed 3.16 billion RMB in revenue in 2024, accounting for 92.6% of total revenue, with external customer revenue making up 62.5%, reflecting a 3.2 percentage point increase from 2023 [3] Group 3: Asset Management and Investment - JD Property has established multiple funds and investment platforms, with a fund management scale increasing from 25.5 billion RMB at the beginning of 2023 to 41 billion RMB by September 2025 [4][5] - The company’s fund management accounted for 33.7% of its total asset management scale, providing a solid foundation for future development in fund and partnership management [5] Group 4: Profitability and Challenges - Despite impressive growth, JD Property reported net losses of 1.83 billion RMB in 2023, 1.2 billion RMB in 2024, and 160 million RMB in the first nine months of 2025, while adjusted profits showed a positive trend [6] - The decline in gross margin is attributed to ongoing fair value losses in domestic investment properties, with significant impacts from macroeconomic conditions [6] Group 5: Ownership and Fundraising - JD Group holds a 74.96% stake in JD Property, with Liu Qiangdong indirectly controlling approximately 77.9% of the voting rights [7] - The funds raised from the listing will primarily be used to expand the infrastructure asset network in key overseas logistics nodes and enhance the density and quality of infrastructure assets in China [7]