JD.com's $424 Million Spin-Off Is About to Shake Up Hong Kong's IPO Frenzy

Jingdong Industrials is stepping into Hong Kong's hottest listing window of the year, launching an IPO that could raise as much as HK$3.3 billion after more than two years of preparation. The JD.com JD unit is offering 211 million shares at HK$12.70 to HK$15.50, with trading set to begin on Dec. 11 as Hong Kong's markets move toward a four-year high in listing proceeds. The timing puts the company in the final wave of year-end deal flow, where investor appetite has been building around supply-chain technology, automation, and industrial digitalisation themes.

JD.com's logic for carving out the business dates back to 2023, when it argued the spin-off could surface the value of its supply-chain technology arm and give it direct access to equity and debt markets. Jingdong Industrials now plans to put the capital to work by strengthening its industrial supply-chain capabilities including AI technologies while supporting expansion, investments, and potential acquisitions. The company first filed for an IPO in March 2023 but only secured China's regulatory approval in September this year, a delay that possibly sharpened investor focus on how the business plans to scale beyond its parent.

The deal is also launching with early institutional ballast, as cornerstone investors have agreed to purchase about $170 million worth of shares with a six-month lockup. The group includes M&G Plc, CPE Investment, and Schonfeld Strategic Advisors, adding a layer of stability as the order book opens. Bank of America, Goldman Sachs, Haitong International, and UBS are jointly sponsoring the transaction, positioning Jingdong Industrials as one of the final listings helping carry Hong Kong's IPO momentum into year-end.