Chinese industrial supply-chain technology and services provider Jingdong Industrials Inc launched its initial public offering on the Hong Kong stock exchange on Thursday. Its shares opened at HK$13 ($1.67) — 7.8 percent lower than the offering price.
Jingdong Industrials has become the sixth entity under JD Group to go public, following JD.com Inc, JD Logistics Inc, JD Health International Inc, Dada Group Ltd and Deppon Logistics Ltd. It is also the fourth JD Group subsidiary to list in Hong Kong.
“Since our establishment in 2017, this listing marks a milestone of the company’s development,” said Jingdong Industrials CEO Song Chunzheng at the listing ceremony on Thursday. “We have focused on providing professional and reliable digital supply-chain technology and service solutions for industrial enterprises,” he said.
“We will leverage JD’s super supply chain to continuously strengthen our digital supply-chain technology and service capabilities, creating greater value for the industry and upstream and downstream partners,” he added.
ALSO READ: JD to buy 50% stake in Hong Kong’s CCB Tower for HK$3.5b
According to its prospectus, Jingdong Industrials primarily operates an industrial products e-commerce platform. Through its "Taipu" full-link digital intelligent supply-chain solution, it provides services including maintenance, repair and operations procurement, bill of materials services, and digital supply-chain solutions for industrial products.
The prospectus also says that Jingdong Industrials was one of the largest service providers in China's industrial supply-chain technology and services market by transaction volume in 2024, with a market share of 4.1 percent. The company's revenue from continuing operations increased from approximately 14.1 billion yuan ($1.99 billion) to 20.4 billion yuan from 2022 to 2024, representing a compound annual growth rate of 20.1 percent.
The shares of Jingdong Industrials closed at HK$14.1 in the morning session on Thursday.
Contact the writer at akirawang@chinadailyhk.com
