Illustration shows JD.COM logo · Reuters Kane Wu and Scott Murdoch Mon, November 24, 2025 at 4:04 PM GMT+8 2 min read In this article: - 9618.HK
By Kane Wu and Scott Murdoch
HONG KONG (Reuters) -JingDong Industrials, a unit of Chinese online retailer JD.com, is planning to launch an initial public offering of up to $500 million in Hong Kong next week, three people with knowledge of the deal said on Monday.
The company, also known as JDi, is having discussions with investors this week, aiming to price the offering on December 8 with a listing date of December 11, the people said, declining to be named as the information is confidential.
The launch date for JDi, which is engaged in industrial supply chain services, has yet to be finalised, they said.
The IPO size is also fluid and may be reduced depending on initial investor response, two of the sources said.
JD.com, which owns about 79% of JDi after spinning it off in 2023, declined to comment beyond JDi's filings to the Hong Kong Stock Exchange.
JDi on Sunday submitted a post-hearing information pack to the Hong Kong bourse, which is a near-final prospectus to be filed before book building starts.
JDi's long-awaited IPO comes as volatility in U.S. markets has hurt the performance of some recent new listings in Hong Kong. In addition, investors have become more cautious after a busy year during which the city has become the world's top listing venue in terms of deal volume.
Shares of autonomous driving companies Pony.ai and WeRide plunged around 10% on their first trading days earlier this month.
JDi, which was valued at around $6.7 billion in its pre-IPO round in 2023, could experience a valuation downsizing in the IPO, the two sources cautioned.
Hong Kong's new listings totalled around $32 billion as of November 17, up more than 200% from a year earlier, according to Dealogic data.
JDi got the approval from China's securities watchdog in September, more than two years after it first notified the China Securities Regulatory Commission of its offering plans, according to disclosures from the regulator.
In its Hong Kong IPO filing, JDi said it was the leading industrial supply chain technology and service provider in China.
In the first half of 2025, its revenue rose 18.9% from a year earlier to 10.3 billion yuan ($1.4 billion), the filing showed.
Bank of America, Goldman Sachs, Haitong International Securities and UBS are joint sponsors of the IPO, according to JDi's stock exchange filings.
(Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney;Editing by Thomas Derpinghaus and Tomasz Janowski)
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