On January 26, JD Property Inc. (referred to as "JD Property") officially submitted its listing application to the Hong Kong Stock Exchange, adding a new piece to JD.com's listed portfolio. JD Property is a subsidiary group under JD.com that provides infrastructure construction, asset management, and comprehensive services, offering integrated solutions for the entire industry, including modern standard warehouses, integrated smart industrial parks, data centers, and photovoltaic new energy infrastructure. In 2007, JD.com began building its own logistics system and, leveraging the continuous expansion of JD Retail and JD Logistics in China, pioneered the development of the "Asia No. 1" super-large smart warehouses. As JD's supply chain ecosystem grew, the company further integrated industrial resources, playing a unique role in addressing various pain points in supply chain infrastructure and providing professional services for e-commerce and logistics clients. JD Property commenced independent operations in 2018 and currently focuses on infrastructure property development, asset management, and diversified value-added services. The core competitiveness of JD.com lies in its robust supply chain capabilities, with JD Property serving as the cornerstone of JD's supply chain ecosystem. Reflecting on its development, JD Property initially functioned to provide supply chain support for JD Logistics and e-commerce businesses; as its operational capabilities expanded, it has attracted an increasing number of third-party clients. Currently, the company serves the real economy through its strong industrial integration capabilities, playing a significant role in local economic transformation. Simultaneously, it assists Chinese companies in expanding overseas, extending its business into markets across Asia-Pacific, Europe, and the Middle East. Revenue for the first three quarters of 2025 grew by 21.2%, with several metrics leading the industry. JD Property's business encompasses three areas: infrastructure construction, asset management, and comprehensive services. According to public information, as of September 30, 2025, JD Property's total assets under management amounted to RMB 121.5 billion, with a total gross floor area of 27.1 million square meters. According to a JLL report, by floor area, JD Property ranks among the top three modern infrastructure providers in the Asia-Pacific region and the top two in China's new economy sector. From 2023 to September 30, 2025, JD Property's assets under management grew by 28.1%, and the average occupancy rate upon completion of its modern infrastructure assets exceeded 90%, with both metrics leading the industry. In terms of financial performance, JD Property's revenue was RMB 2.9 billion in 2023, reached RMB 3.4 billion in 2024 (a year-on-year increase of 17.24%), and hit RMB 3.0 billion for the first nine months of 2025 (a year-on-year increase of 21.2%). By business segment, the infrastructure solutions business is the primary revenue driver. As of September 30, 2025, the net asset value of its modern infrastructure network was RMB 40.5 billion, and revenue from infrastructure solutions for the first three quarters of 2025 reached RMB 2.6 billion. Furthermore, leveraging its professional expertise across the entire lifecycle of modern infrastructure, JD Property actively enhances the value of assets it holds or manages and consistently realizes asset appreciation gains through exits. From 2020 to 2024, it achieved an average annual asset monetization gain of RMB 1.3 billion, with a cumulative return of 40% on the initial cost. The management of fund/partnership investment platforms is a crucial pillar for JD Property's transition towards a capital-light business model. The company achieves capital recycling by selling projects to funds and investment vehicles it establishes and manages. Concurrently, management fee income and profit shares from related funds and investment vehicles provide a stable revenue stream. In 2024, JD Property recorded management fee income of RMB 196.8 million, with an average annual compound growth rate of 30% from 2020 to 2024. Notably, as of September 30, 2025, JD Property had established 5 core funds, 1 development fund, 1 acquisition fund, 1 partnership investment platform, and 1 infrastructure securities investment fund on the Shanghai Stock Exchange. The scale of fund management accounts for 33.7% of its total assets under management. For JD Property, the infrastructure solutions business generates stable rental income, asset appreciation is realized through continuous exits, and the capital-light model contributes management fees and profit shares as another stable revenue source. Supported by these three business segments, JD Property has established an integrated chain covering project sourcing, financing, asset management, and capital recycling. Long-term vision: A globally interconnected modern infrastructure platform. In the logistics infrastructure sector, scale and network effects are the greatest advantages. Backed by the JD.com ecosystem, JD Property possesses unique project sourcing capabilities, upon which it has developed full-cycle capabilities covering development, operation, and capital activities, growing into one of the fastest-growing modern infrastructure platforms. JD Property's modern infrastructure network currently covers 29 provincial-level regions in China and ten countries and regions overseas. By floor area, over 90% of its modern infrastructure assets in China are located in Tier-1 cities (and their satellite cities) and Tier-2 cities. JD Property's comprehensive layout in "super nodes" and its portfolio of high-quality assets are reflected in its operational performance. As of the end of 2023, 2024, and September 30, 2025, the average occupancy rate upon completion of its modern infrastructure assets exceeded 90%. According to the JLL report, this occupancy rate is approximately 10 percentage points higher than the average in the new economy sector. Throughout its development, JD Property has accumulated data across various industry verticals and emerging trends. After achieving a cluster effect for infrastructure assets in specific verticals, it further attracts similar types of clients. The company continues to expand its client base across industry verticals (including logistics service providers, manufacturers, e-commerce platforms, and retailers), with an increasingly diversified client mix. The contribution from external clients to its infrastructure solutions revenue has reached 62.5%. Simultaneously, leveraging its domestic market advantages, JD Property is becoming an important bridge for serving Chinese companies expanding overseas. The company has already extended its business footprint to key logistics hubs such as Hong Kong, Singapore, the Netherlands, Dubai, and Tokyo. As of September 30, 2025, JD Property held 53 infrastructure projects in 10 overseas countries and regions. The proportion of its total overseas assets under management was 3.7% at the beginning of 2023, reached 10.7% by the end of 2024, and further increased to 12.8% by September 30, 2025. In July 2025, JD Property signed a cooperation agreement with Abu Dhabi Airports Free Zone to jointly develop and operate high-standard logistics infrastructure within the zone. This marks JD Property's first self-built project in the broader Middle East region, which upon completion will significantly meet local cross-border e-commerce demand. In November 2025, JD Property secured another achievement, formally signing a strategic cooperation MOU with the Saudi Authority for Industrial Cities and Technology Zones to jointly develop industrial and logistics infrastructure projects within MODON's jurisdiction. The listing on the Hong Kong stock market will provide a boost for the company's overseas expansion. A key use of the IPO proceeds is to further expand the company's network of infrastructure assets in strategically important overseas logistics hubs and to establish a global talent team to support overseas business expansion. In the long term, JD Property aims to become a globally interconnected modern infrastructure platform, rooted in China with an extensive overseas strategic layout. The Hong Kong listing signifies a critical step forward in this journey.
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