JingDong Industrials, the industrial supply chain arm of Chinese e-commerce giant JD.com, is preparing to launch a Hong Kong initial public offering of up to $500 million as early as next week, according to three people with direct knowledge of the transaction.
The company, known as JDi, is holding investor discussions this week and is aiming to price the deal on December 8, ahead of a planned December 11 debut, the people said. They added that both the launch date and the fundraising size remain subject to change given market conditions and investor feedback. Two of the sources cautioned that the final proceeds could be lower if early demand proves soft. All declined to be identified because the information is not public.
JD.com, which retains roughly 79% of JDi after spinning off the business in 2023, declined to comment beyond disclosures already filed with the Hong Kong Stock Exchange.
On Sunday, JDi submitted a post-hearing information pack to the Hong Kong bourse, a near-final version of its prospectus typically released ahead of bookbuilding, signalling the offering is close to moving ahead. The float has been closely watched, coming at a time when volatility in U.S. markets and a mixed reception for recent Hong Kong listings have tempered investor appetite.
Hong Kong has nevertheless seen a resurgence in IPO activity this year, becoming the world's largest listing venue by deal volume. New offerings had raised about $32 billion as of November 17, up more than 200% year-on-year, according to Dealogic.
Still, sentiment remains fragile. Shares of autonomous driving firms Pony.ai and WeRide both slumped roughly 10% on their first day of trading earlier this month, underscoring the market's uneven recovery.
JDi was valued at around $6.7 billion during its 2023 pre-IPO fundraising round, but the company may need to settle for a lower valuation in the upcoming offering, two of the sources said.
The company received approval from China's securities regulator in September, more than two years after first notifying the China Securities Regulatory Commission of its plan to go public, regulatory filings show.
In its IPO documents, JDi described itself as China's leading industrial supply chain technology and service provider. The company generated 10.3 billion yuan ($1.4 billion) in revenue in the first half of 2025, marking 18.9% year-on-year growth.
Bank of America, Goldman Sachs, Haitong International Securities and UBS are acting as joint sponsors for the share sale.
