Core Viewpoint - JD Industrial Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Bank of America Securities, Goldman Sachs, Haitong International, and UBS acting as joint sponsors [1]. Company Overview - JD Industrial is a leading provider of industrial supply chain technology and services in China, focusing on digital transformation to help clients ensure supply, reduce costs, enhance efficiency, and maintain compliance [3]. - The company offers a comprehensive digital industrial supply chain solution called "Taipu," which integrates digital and physical goods to meet diverse customer needs [3]. Market Position - Since 2017, JD Industrial has focused on MRO (Maintenance, Repair, and Operations) procurement services and has become the largest player in China's MRO procurement market, with a transaction volume in 2024 nearly three times that of its closest competitor [4]. - The company is also the largest service provider in China's industrial supply chain technology and services market, holding a market share of 4.1% as of 2024 [4]. Financial Performance - Revenue is projected to grow from approximately RMB 14.1 billion in 2022 to RMB 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1% [4]. - The company served around 11,100 key enterprise clients, including about 60% of China's Fortune 500 companies and over 40% of the global Fortune 500 companies operating in China as of June 30, 2025 [4]. Product Offering - As of June 30, 2025, JD Industrial provided approximately 81.1 million SKUs across 80 product categories, supported by a nationwide supply network of around 158,000 manufacturers, distributors, and agents [5]. Revenue and Profitability - For the six months ending June 30, 2023, 2024, and 2025, the company reported revenues of approximately RMB 17.3 billion, RMB 20.4 billion, and RMB 10.3 billion, respectively, with corresponding profits of RMB 4.8 million, RMB 762 million, and RMB 451 million [5][6].