中经记者 李静 北京报道 2026年1月26日，京东集团旗下京东产发（京东智能产发股份有限公司； JINGDONG Property，Inc.） 正式向香港联交所递交A1申请文件，对外披露了公司的资产规模、业务构成、竞争优势及海外战略， 再次冲刺港股主板上市。 作为中国领先的现代化基础设施开发及管理平台，京东产发将携超1200亿元在管资产、覆盖全球10余个 国家的280余个现代化基础设施资产奔赴资本市场。 网经社电子商务研究中心主任曹磊对《中国经营报》记者指出："京东产发递交上市申请标志着其作为 京东集团供应链基础设施核心平台的战略升级迈出关键一步。" 从"重资产"到"轻重融合" 招股书显示，京东产发是京东集团旗下的现代化基础设施开发及管理平台，也是京东供应链生态系统的 基石。 2020年至2024年，京东产发年均实现资产增值变现收益13亿元，累计回报率达到初始成本的40%。 第三部分收入来自基金/合伙投资平台管理。京东产发自2019年开始设立首只私募基金，截至2025年9月 30日，京东产发已经主导设立了5只核心基金、1只开发基金、1只收购基金、1个合伙投资平台，以及在 上海证券交易所的1只基础设施证券投资 ...

Core Insights - The domestic serviced apartment market in China is experiencing significant activity, with international brands like Ascott and Accor expanding their presence through new projects and partnerships [1][2][4] - Ascott's "Yayuan" brand has recently opened two new projects in Suzhou and Wuxi, marking its entry into the Wuxi market [2][3] - The partnership between Ascott and Jin Jiang Hotels to launch the Quest brand in Shanghai reflects a trend of international players adapting to local market demands [1][4] Group 1: Brand Expansion and Partnerships - Ascott has launched the "Yayuan" brand tailored for the Chinese market, with its first store opening in Shenzhen in July 2023 [2][3] - The Quest flagship project in Shanghai's Yangpu district is a collaboration between Ascott and Jin Jiang Hotels, showcasing a hybrid model of mid-to-high-end hotels and serviced apartments [1][2] - Ascott's strategy includes a dual-brand approach to cover a wider target audience, with recent projects in Wuxi demonstrating this strategy [3][4] Group 2: Market Dynamics and Trends - The Chinese serviced apartment market is undergoing structural changes, with international brands shifting from a singular high-end focus to a comprehensive product matrix to capture diverse consumer segments [4][5] - The trend of asset and operation integration is becoming common, as seen in the collaboration between Fraser Suites and local operators to enhance service quality while ensuring financial strength [5][6] - International brands are increasingly forming partnerships with local platforms and developers to leverage local insights and resources for rapid market entry [6][7] Group 3: Evolution of Domestic Players - Domestic serviced apartment operators are transitioning from being mere executors of international brands to becoming strategic partners, reflecting a shift in the competitive landscape [8][9] - The establishment of joint ventures, such as the one between Ascott and Jin Jiang, indicates a move towards deeper localization and shared operational control [10][11] - Local players are now actively seeking to integrate international expertise into their operations, enhancing their competitive edge in the market [12][13] Group 4: Investment Trends - The serviced apartment sector is witnessing a bifurcation in asset strategies, with heavy asset models focusing on value creation and light asset models prioritizing speed and scalability [12][13] - The trend of "light asset" investment is gaining traction, allowing for rapid expansion with lower capital requirements, as demonstrated by Ascott's model where over 97% of its projects are light asset [12][14] - The market is evolving towards a balanced approach, where both heavy and light asset strategies coexist, indicating a more rational and efficient future for the serviced apartment sector [13][14]