JINGDONG Industrials (07618) announced a global offering of 211 million shares, with the subscription period running from December 3 to December 8, 2025. The Hong Kong public offering will account for 10% of the total, while the international offering will make up 90%, with an additional 15% over-allotment option. The price range is set at HK$12.7 to HK$15.5 per share, with each board lot consisting of 200 shares. Trading is expected to commence on the Hong Kong Stock Exchange at 9:00 AM on Thursday, December 11, 2025.
The company is a leading industrial supply chain technology and service provider in China, specializing in digital and intelligent transformation to help clients achieve supply assurance, cost reduction, efficiency improvement, and compliance. Since 2017, JINGDONG Industrials has focused on MRO procurement services, becoming the largest player in China's MRO procurement market. According to CIC data, the company ranked first by transaction volume in 2024, nearly three times larger than the second-largest player. It also holds a 4.1% market share in China's broader industrial supply chain technology and services sector.
The company has demonstrated significant revenue growth, primarily driven by product sales and service offerings. Total revenue from continuing operations increased from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023 and further to RMB 20.4 billion in 2024, achieving a compound annual growth rate (CAGR) of 20.1%. For the six months ended June 30, 2025, revenue rose 18.9% year-on-year to RMB 10.3 billion.
JINGDONG Industrials reported a net loss of RMB 1.3 billion in 2022 but turned profitable with net incomes of RMB 48 million in 2023 and RMB 760 million in 2024. For the six months ended June 30, 2024 and 2025, net profits were RMB 290 million and RMB 450 million, respectively.
The company has secured cornerstone investments from M&G, CPE Investment, Aspex Management, Ivy Capital, GSR Ventures, Schonfeld, and Burkehill, with commitments to subscribe up to $170 million worth of shares, subject to certain conditions.
Assuming an issue price of HK$14.10 per share and no exercise of the over-allotment option, the net proceeds from the global offering are estimated at approximately HK$2.827 billion. The funds will be allocated as follows: 35% for enhancing industrial supply chain capabilities over the next 48 to 60 months, 25% for cross-regional business expansion, 30% for potential strategic investments or acquisitions, and 10% for general corporate purposes and working capital.
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