Group 1 - JD Industrial (07618.HK) plans to globally offer 211 million shares, with 21.12 million shares for Hong Kong and 190 million shares for international sale, plus an overallotment option of 31.68 million shares [1] - The subscription period is from December 3 to December 8, with a maximum offer price of HKD 15.50 per share and an entry fee of approximately HKD 3,131.26 [1] - The total expected fundraising amount is HKD 2.978 billion, with a net amount of HKD 2.827 billion, aimed at enhancing supply chain capabilities, potential strategic investments or acquisitions, regional business expansion, and general corporate purposes [1] Group 2 - The company is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients ensure supply, reduce costs, increase efficiency, and maintain compliance [2] - The net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 are projected to be CNY 4.799 million, CNY 762 million, and CNY 451 million, reflecting year-on-year changes of 100.36%, 15,770.14%, and 54.96% respectively [2]

Group 1 - The company plans to globally offer 211 million shares, with 21.12 million shares available in Hong Kong and 190 million shares for international sale, along with an overallotment option of 31.68 million shares [1] - The subscription period is set from December 3 to December 8, with a maximum offer price of HKD 15.50 per share and an entry fee of approximately HKD 3,131.26 for 200 shares [1] - The total expected fundraising amount is HKD 2.978 billion, with a net amount of HKD 2.827 billion, aimed at enhancing industrial supply chain capabilities, potential strategic investments or acquisitions, regional business expansion, and general corporate purposes [1] Group 2 - The company is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients ensure supply, reduce costs, increase efficiency, and maintain compliance [2] - The net profit for the company for the fiscal years ending June 30, 2023, 2024, and the first half of 2025 is projected to be CNY 4.799 million, CNY 762 million, and CNY 451 million, reflecting year-on-year changes of 100.36%, 15,770.14%, and 54.96% respectively [2]

Group 1 - The company plans to globally offer 211 million shares, with 10% allocated for public offering in Hong Kong and 90% for international offering, including a 15% over-allotment option [1] - The subscription period is set from December 3 to December 8, 2025, with an expected share price range of HKD 12.7 to HKD 15.5, and the listing date is anticipated on December 11, 2025 [1] - The company is recognized as a leading provider of industrial supply chain technology and services in China, being the largest participant in the MRO procurement services market and the largest service provider in the industrial supply chain technology and services market according to Frost & Sullivan [1] Group 2 - Seven institutions, including M&G and CPE Investment, have signed cornerstone investment agreements to subscribe for shares totaling up to approximately USD 170 million [1] - Assuming a share price of HKD 14.10 and no exercise of the over-allotment option, the net proceeds from the global offering are expected to be approximately HKD 2.827 billion [1] - The allocation of the raised funds includes 35% for enhancing 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 [1]

Core Viewpoint - The company, JD Industrial, is set to launch an IPO from December 3 to December 8, 2025, aiming to raise approximately HKD 28.27 billion through the global offering, with a focus on enhancing its industrial supply chain capabilities and expanding its business geographically [1][3]. Group 1: Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on the digital transformation of industrial supply chains to help clients ensure supply, reduce costs, improve efficiency, and maintain compliance [1]. - The company has become the largest participant in China's MRO procurement services market, with a transaction volume in 2024 nearly three times that of the second-largest competitor [1]. Group 2: Financial Performance - The company's total revenue from continuing operations increased from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023, and is projected to reach RMB 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% from 2022 to 2024 [2]. - The company reported a net loss of RMB 1.3 billion in 2022, followed by a net profit of RMB 4.8 million in 2023, and a net profit of RMB 760 million in 2024 [2]. - For the six months ending June 30, 2024, and June 30, 2025, the company achieved net profits of RMB 290 million and RMB 450 million, respectively [2]. Group 3: Use of Proceeds - The company plans to allocate approximately 35% of the net proceeds from the global offering to enhance its industrial supply chain capabilities over the next 48 to 60 months [3]. - About 25% of the funds will be used for geographical business expansion, while 30% is earmarked for potential strategic investments or acquisitions, and 10% for general corporate purposes and working capital needs [3].

智通财经APP讯，京东工业(07618)于2025年12月3日至2025年12月8日招股，公司拟全球发售2.11亿股， 香港公开发售占10%，国际发售占90%，另有约15%超额配股权。每股发售价12.7港元-15.5港元，每手 200股，预期股份将于2025年12月11日(星期四)上午9时正开始在联交所交易。 该公司已与M&G、CPE Investment、晨曦投资管理、常春藤、刚睿、Schonfeld、Burkehill订立基石投资 协议，据此，基石投资者已同意在若干条件的规限下认购或促使其指定实体认购发售价总金额不超过约 1.7亿美元可购买的发售股份数目。 假设发售价为每股发售股份14.10港元且超额配股权未获行使，该公司预计将收到的全球发售募集资金 净额约为28.27亿港元。该公司拟将全球发售募集资金按下述金额用于下述用途：约35%预计在未来48 至60个月用于进一步增强工业供应链能力;约25%预计在未来48至60个月用于跨地域的业务扩张;约30% 预计将用于潜在战略投资或收购;约10%预计将用于一般公司用途及营运资金需要。 该公司于往绩记录期间收入增长显著。其收入主要来自于商品销售及提供服务。该公司的 ...

Core Viewpoint - JD Industrial's upcoming IPO marks a significant milestone in JD Group's strategic expansion into the supply chain sector, potentially establishing a robust capital matrix alongside its existing subsidiaries [2][8]. Group 1: JD Industrial's IPO Journey - JD Industrial's path to IPO has been a challenging one, with four attempts since March 2023, facing setbacks due to the expiration of its prospectus [5]. - The current underwriting team includes major financial institutions such as Bank of America, Goldman Sachs, Haitong International, and UBS, with expected fundraising between $500 million to $600 million [5]. - Financial performance has shown a strong recovery, with revenue increasing from 14.135 billion RMB in 2022 to 20.397 billion RMB in 2024, reflecting a compound annual growth rate of 20.3% [5][9]. Group 2: Strategic Vision of Liu Qiangdong - The IPO is part of Liu Qiangdong's strategy to recreate a new version of JD Group, focusing on supply chain integration and expansion into industrial manufacturing [8]. - JD Industrial's revenue from JD Group's platform accounted for 36.1% in the first half of 2025, highlighting significant synergy with other subsidiaries [8]. - The integration of JD Industrial's MRO procurement platform with JD Logistics' warehousing network enables rapid fulfillment capabilities [8]. Group 3: Challenges and Opportunities Ahead - JD Industrial faces liquidity concerns, with net current liabilities reaching 13.71 billion RMB and a significant increase in accounts receivable [10]. - The competitive landscape is intensifying, with JD Industrial holding a 4.1% market share in China's industrial supply chain technology and services market, closely followed by competitors like Alibaba and Zhenkunhang [12]. - Global expansion remains a challenge, as less than 5% of its revenue comes from overseas markets, necessitating the replication of its domestic success in regions like Southeast Asia and Europe [12]. Group 4: Broader Implications for the Industry - The IPO is expected to trigger a chain reaction within the industry, shifting the focus from price competition to value creation, thereby enhancing the digitalization of the sector [13]. - JD Group's commitment to launching innovative businesses annually suggests potential expansions into new fields such as renewable energy and artificial intelligence [13]. - The listing of JD Industrial symbolizes not just corporate growth but also the evolution of China's supply chain from efficiency to value creation [21].

Core Viewpoint - JD Industrial is set to go public on the Hong Kong Stock Exchange, aiming to raise up to $500 million, with pricing scheduled for December 8 and listing on December 11, marking it as the sixth publicly listed company under the JD Group [1] Group 1: Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, offering comprehensive solutions for non-production materials (MRO) and production materials (BOM) [1] - The company has established itself as the largest player in China's MRO procurement service market, with a projected transaction volume ranking first in 2024, nearly three times larger than the second-largest competitor [1][2] - JD Industrial holds a market share of 4.1% in the industrial supply chain technology and services market in China [1] Group 2: Client Base and Supply Network - Over the past 12 months, JD Industrial has served approximately 11,100 key enterprise clients, including around 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [2] - The company sources products from a vast network of approximately 158,000 manufacturers and agents, providing the widest range of industrial products in China, with 80 product categories and about 81.1 million SKUs [2] Group 3: Financial Performance - JD Industrial's revenue for the years 2022 to 2024 and the first half of 2025 is reported as follows: 14.135 billion RMB, 17.336 billion RMB, 20.398 billion RMB, and 10.250 billion RMB respectively [3] - Corresponding net profits for the same periods are -1.269 billion RMB, 0.048 billion RMB, 0.762 billion RMB, and 0.451 billion RMB [3]

Core Viewpoint - JD Industrial is seeking to go public on the Hong Kong Stock Exchange, which would make it the sixth listed company under JD Group, following previous unsuccessful attempts to list in 2023 and 2024 [3][4]. Company Overview - JD Industrial is a provider of industrial supply chain technology and services, focusing on digital transformation to help clients achieve supply assurance, cost reduction, efficiency improvement, and compliance [3]. - The company offers a comprehensive digital industrial supply chain solution called "Tai Pu," which integrates digital and physical products to meet diverse customer needs [3]. Financial Performance - Revenue figures for JD Industrial are as follows: 2022 revenue was 14.135 billion, 2023 revenue was 17.336 billion, and 2024 revenue is projected to be 20.398 billion, showing year-on-year growth rates of 36.6%, 22.4%, and 17.7%, respectively, indicating a gradual slowdown in growth [4]. - The main source of revenue comes from the sale of industrial products, including MRO products and BOM products, with projected revenues for 2024 being 11.1 billion from general MRO products, 6.5 billion from specialized MRO products, and 1.6 billion from BOM products [4]. - In terms of profitability, JD Industrial reported a net loss of 1.3 billion in 2022, a net profit of 4.8 million in 2023, and a projected net profit of 760 million in 2024, with a net profit of 450 million in the first half of 2025 [4]. Market Context - The Chinese industrial supply chain market is expected to grow from 8.3 trillion in 2019 to 11.4 trillion by 2024, with a compound annual growth rate (CAGR) of 6.6%, and further growth to 13.8 trillion by 2029 at a CAGR of 3.9% [4]. - JD Industrial holds a market share of 4.1% in the industrial supply chain technology and services market based on 2024 transaction volumes [4]. Competitive Landscape - The B2B sector in China is highly competitive, and JD Industrial's previous attempts to list were unsuccessful due to its limited capabilities in this area [5]. - Recent collaborations between JD and automotive companies have generated new interest in JD Industrial's business, potentially enhancing investor attention and improving the likelihood of a successful IPO [5].

Core Insights - JD Industrial has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO after three previous unsuccessful attempts [2] - If successful, JD Industrial will become the sixth company under JD Group to be listed, enhancing the group's capital landscape and injecting new vitality into the digitalization of the industrial supply chain [2] Company Performance - JD Industrial has transitioned from losses to profitability, with revenue and profit showing a steady upward trend; revenue is projected to grow from over 10 billion to 20.4 billion yuan from 2022 to 2024 [3] - In the first half of 2025, revenue reached 10.3 billion yuan, an 18.9% year-on-year increase, with total revenue for the year expected to be strong [3] - The company reported a net profit of 4.8 million yuan in 2023, a significant turnaround from a net loss of 1.3 billion yuan in 2022, with net profit expected to rise to 760 million yuan in 2024, reflecting over a 15-fold increase [3] Shareholding Structure - JD Industrial maintains a core control structure similar to other JD Group companies, with Liu Qiangdong holding significant voting rights through direct and indirect shareholdings [4] - JD Group, as the controlling shareholder, holds approximately 79% of the shares, while Liu Qiangdong directly holds 3.68%, collectively controlling about 83% of the voting rights [4] - Notable institutional investors include Abu Dhabi Investment Fund and Sequoia China, each holding between 1.37% and 1.57%, indicating strong market confidence in the company's growth potential [4] Business Strategy - JD Industrial is a leader in the industrial supply chain technology and services sector, with a market share nearly three times that of its closest competitor in the MRO digital procurement service segment [5] - The company has developed a comprehensive digital supply chain system, utilizing proprietary technology to enhance efficiency and reduce costs for clients, serving over 1.1 million key enterprise clients and more than 2.6 million small and medium-sized enterprises [5] - The product offering includes over 57.1 million SKUs from more than 120,000 suppliers, catering to diverse procurement needs across various industries [5] Industry Context - The listing of JD Industrial is a significant milestone for both the company and JD Group, complementing its existing B2C and C2M business models and maximizing user coverage [6] - The industrial sector in China is valued at 49.2 trillion yuan, with a compound annual growth rate of 5.3%, indicating substantial room for efficiency improvements as digital procurement penetration remains low at 10% [6] - Post-IPO, JD Industrial is expected to leverage capital to enhance technology development and expand into high-end manufacturing and new energy vehicle sectors, driving industry consolidation and upgrades [6]

Core Insights - JD Industrial has passed the hearing process for its IPO on the Hong Kong Stock Exchange, potentially becoming the sixth listed company under Liu Qiangdong's leadership [1] - The company has shown consistent revenue growth, with a 44.3% increase from 2022 to 2024, and a compound annual growth rate (CAGR) of 20.1% [2] - JD Industrial plans to raise between $500 million to $600 million through its IPO, with a formal listing expected in December [3] Financial Performance - Revenue figures for JD Industrial from 2022 to 2024 are 14.135 billion, 17.336 billion, and 20.4 billion yuan, respectively, indicating a significant upward trend [2] - The company transitioned from a net loss of 1.3 billion yuan in 2022 to a net profit of 4.8 million yuan in 2023, with profits increasing to 760 million yuan in 2024 and 450 million yuan in the first half of 2025, reflecting a year-on-year growth of 55.2% [2] Market Position - JD Industrial is the leading provider in China's MRO procurement services market, holding nearly three times the scale of its closest competitor, with a market share of 4.1% in the broader industrial supply chain technology and services market [2] - The company has provided approximately 81.1 million SKUs and serves around 11,100 key enterprise clients, including about 60% of China's Fortune 500 companies and over 40% of global Fortune 500 companies operating in China [2] IPO Details - The IPO roadshow is set to commence soon, with the company aiming to enhance the capital matrix of the JD ecosystem, creating synergies with JD Logistics and JD Technology in supply chain services and technical support [3]