JD.com Logistics Management Unit Approved for Potential $500M Hong Kong IPO

JD Industrials, the logistics management unit of mainland e-commerce giant JD.com, has received approval for a Hong Kong IPO, which could happen as early as next week.

The logistics operator informed the Hong Kong stock exchange on Sunday that it has received the green light for the bourse listing, with a Reuters report indicating that JD Industrials aims to raise around $500 million. 

The company aims to price the offering by 8 December, with the listing to take place on 11 December per the Reuters account. 

Should the plan be implemented, it would mark the fifth listed company for JD founder and chairman Richard Liu, after the group previously succeeded in listing JD Logistics and JD Health International in Hong Kong and Deppon Logistics in Shanghai.

In 2023 JD teamed up with Beijing’s Harvest fund management to list Harvest & JD Storage Logistics REIT in Shanghai, and the company is said to be aiming for a Singapore REIT listing in the near future through a tie-up with Rava Partners-backed EZA Hill.

“By adopting a differentiated business model and inheriting JD Group’s profound domain knowledge in supply chain management, we believe we are best positioned to spearhead an end-to-end digital transformation for the industrial supply chain,” JD Industrials said in its statement to the bourse.

Helping Operators Automate

JD.com currently holds a 78.84 percent stake in JD Industrials with the company saying that it intends to use proceeds from the offering to enhance its supply-chain capabilities, expand internationally and pursue potential strategic investments or acquisitions, according to the statement.

The statement did not specify a timeline or scale for the potential IPO, with the final private round of fundraising for the company in 2023 having valued JD Industrials at around $6.7 billion. 

If completed, the listing would conclude a nearly three-year wait for JD, with the group having first filed to list JD Industrials in March 2023. 

JD Industrials focuses on providing systems for managing and operating logistics facilities, including providing an online marketplace for third party merchants to sell products and services to logistics businesses. 

The company had a sector-leading gross merchandise value in 2024 of RMB 28.8 billion ($4 billion). That gross merchandise value was up 10.3 percent from the previous year and gave the company a market share of 4.1 percent, according to its prospectus.

After recording a net loss of RMB 1.3 billion in 2022, JD Industrials posted a net profit of RMB 4.8 million in 2023, which improved to RMB 761.6 million last year, according to financial statements by the company.

The company’s net profit of RMB 451.3 million in the first six months of 2025 marked a 55 percent jump from the comparable period a year earlier.

Offshore Ambitions

JD Industrials’ IPO comes as sister company, JD Property, which manages logistics real estate assets, expanded its overseas reach in the past year.

JD Property made its Japan debut last December with a two-warehouse buy in Chiba and Nagoya, before following up in April with a deal to buy a Brisbane industrial estate from an ESR-led venture for A$240 million ($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, and then in July the company acquired a 23,000 square metre (247,570 square foot) warehouse in Rugby, England to bring its UK portfolio to 16 assets spanning more than 360,000 square metres of gross floor area.