JD.com Files for Hong Kong IPO of Property Unit as Hang Seng Index Surges

With Hong Kong’s Hang Seng index having climbed more than 8.5 percent in the last month, China’s JD.com has launched a plan to list its property subsidiary on the HKEX, taking advantage of an investment surge that saw the exchange reach a more than four-year high on Wednesday.

Under the terms of a Monday filing to the Hong Kong exchange, JD is offering investors a chance to buy into JD Property, which develops and manages infrastructure assets like logistics parks, while providing potential exits for early backers of JD’s warehouse unit, including Singapore sovereign giant GIC and funds managed by BlackRock, Hillhouse and Warburg Pincus. 

“Over the long term, we strive to become a globally connected platform of modern infrastructure with strong foothold in China and extensive strategic footprint overseas,” JD Property said in the filing.

If successful, the plan would mark Beijing-based JD Group’s sixth listed company, following last month’s IPO of JD Industrials that raised $328 million. The group also previously listed JD Logistics and JD Health International in Hong Kong and Deppon Logistics in Shanghai.

Loss Narrows

Led by founder and chairman Richard Liu, JD.com holds a 74.96 percent stake in JD Property and would remain the parent company of the spun-off unit after the IPO. The property subsidiary’s portfolio has assets under management of RMB 121.5 billion ($17.5 billion), with 12.8 percent of AUM overseas, and spans 27.1 million square metres (291.7 million square feet).

JD Property said the capital raised from the proposed offering would enable the company to solidify its market leadership in China and continue to expand its asset network in offshore markets.

No details were disclosed about the offer price or the size of the potential IPO. But selected financial statements showed that JD Property booked revenue of RMB 3 billion in the first nine months of 2025, up from RMB 2.5 billion in the comparable year-earlier period, while narrowing its net loss from RMB 1.4 billion to RMB 159 million.

As JD Property focuses on fund management, it reported RMB 196.8 million in fee income in 2024, amounting to a compound annual growth rate of 30 percent from 2020 to 2024.

“We have been systematically implementing our capital recycling strategy as part of our strategic transition towards a more asset-light business model to improve capital efficiency,” JD Property said. “To that end, we collaborate with reputable, long-term capital partners to recycle capital by disposing projects to the funds and investment vehicles we set up and manage.” 

The IPO’s sponsors are BofA Securities, Goldman Sachs and Hong Kong-based Haitong International.

The listing plan comes after JD had allowed a September 2023 IPO application to expire, with the Hang Seng Index sliding from 18,844 at the start of September that year to 17,042 three months later. 

On Wednesday, the Hang Seng index climbed to 27,826 — jumping 2.6 percent to reach its highest level since July 2021. While JD Industrials has slid more than 7.7 percent since its IPO last month, JD.com’s Hong Kong listed shares are up 1.2 percent so far this year. 

Expansion Ramps Up

JD Property has moved aggressively to extend its overseas reach in recent months, having completed its first acquisition in Japan’s logistics sector in December 2024 with a two-warehouse buy in Chiba and Nagoya.

In April of last year, JD Property struck a deal to buy a Brisbane industrial estate from an ESR-led venture, with market sources who spoke to Mingtiandi confirming a deal value of A$240 million (then $152.5 million).

In June, JD Property picked up a 10,000 square metre warehouse in Dubai’s Jebel Ali Free Zone for its first logistics acquisition in the Emirate. Then in July the company acquired a 23,000 square metre warehouse in Rugby, England to bring its UK portfolio to 16 assets spanning more than 360,000 square metres of gross floor area.