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    China’s JingDong Industrials eyes US$500 million in Hong Kong IPO

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    By Reuters

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    China’s JingDong Industrials eyes US$500 million in Hong Kong IPO

    JingDong Industrials, a unit of Chinese online retailer JD.com, is seeking to raise US$500 million with a Hong Kong initial public offering (IPO) as soon as the end of October, two sources with direct knowledge said, after the firm cleared a key regulatory hurdle.
    The company, also known as JDi, refiled for a Hong Kong listing on Sunday after receiving the green light from China’s securities regulator last week, more than two years after it first notified the China Securities Regulatory Commission of its offering plans, according to the regulator’s disclosures.
    The company was planning to launch the offering as soon as possible and complete it in November if it misses a window in October, said the sources, who declined to be identified because the information was confidential.
    JDi’s long-awaited IPO comes as Hong Kong has experienced a strong recovery in new listings this year, totalling US$23 billion, up more than 200 per cent from a year earlier, according to data from LSEG.
    JD.com, which owns about 79 per cent of the unit after spinning it off in 2023, did not immediately respond to a request for comment.
    In its Hong Kong IPO filing, JDi said it is the leading industrial supply chain technology and service provider in China.
    In the first half of 2025, its revenue rose 18.9 per cent from a year earlier to 10.3 billion yuan (US$1.4 billion), the filing said.
    Bank of America, Goldman Sachs, Haitong International Securities, UBS and Huatai Financial Holdings are the overall coordinators of the IPO, JDi said in its stock exchange filing on Sunday.
    Chinese budget retailer Miniso said on Friday that it planned to spin off its Top Toy brand and list it in Hong Kong. The business, which would remain a subsidiary of Guangzhou-based Miniso post spin-off, focuses on pop culture-inspired collectible toys. Hong Kong-listed Miniso had said in June that it was assessing a potential spin-off of Top Toy, signalling growing confidence in the brand’s stand-alone appeal.
    Chinese carmaker Chery Automobile surged as much as 14 per cent above its offer price on its Hong Kong stock debut on Thursday, as investors flocked to buy shares in China’s second-largest carmaker following its HK$9.15 billion (US$1.18 billion) IPO.

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