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Jingdong’s industrial division, the supply chain technology arm of a major Chinese e-commerce platform, has officially cleared the listing hearing to go public on the Hong Kong Stock Exchange. Insider sources indicate that the company aims to raise up to $500 million through this initial public offering.
The capital raised will be directed toward strengthening the division’s supply chain capabilities, broadening its business footprint, pursuing strategic mergers and acquisitions, and supporting daily operations to maintain sustained growth and competitive edge in the industrial e-commerce sector, as outlined in a recent prospectus filed on November 23.
Despite making three previous attempts to list—first in March 2023, then September 2024, and again in March 2025—all efforts were unsuccessful due to the expiration of their validity periods. If successful this time, the division will become the fourth entity under the larger group to go public, following in the footsteps of its logistics, health-related, and courier subsidiaries.
Majority ownership of the division lies with Liu Qiangdong, who holds 82.5% of the voting rights through multiple entities. Other significant investors include the Abu Dhabi Investment Authority, the Abu Dhabi government, HongShan Capital Group, and Beijing Xindongli Investment Fund.
The company is expected to announce its IPO issue price on December 8, with trading expected to commence on December 11.
Financially, in the first half of this year, the division reported operating revenues of approximately 10.3 billion yuan (about $1.5 billion) and a net profit of 451 million yuan (around $63.6 million). For the entire previous year, revenues stood at 20.4 billion yuan, with a net profit of 762 million yuan.
The firm primarily offers maintenance, repair, and operations (MRO) services, along with bill of materials (BOM) supply chain solutions. MRO encompasses a range of standard and specialized products like safety equipment, cleaning supplies, tools, chemicals, and instruments necessary for daily operations and maintenance. BOM services provide raw materials and components such as electronic parts, fasteners, and seals used in manufacturing processes.
Last year, this company ranked as China’s leading MRO procurement service provider by transaction volume, outperforming the second-place competitor by three times, according to data from China Insights Consultancy.
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