JD Industrials Nears IPO, Adding Another Piece to Liu Qiangdong's "Supply Chain Empire"

Liu Qiangdong's capital blueprint is set to incorporate a crucial piece—industrial supply chain—as JD Industrials prepares for its Hong Kong IPO.

Recent filings on the Hong Kong Stock Exchange website show that JD Industrials has officially passed its listing hearing. This marks the company's fourth attempt to list in Hong Kong since March 2023, with approval signaling a potential December trading debut.

While the latest valuation remains undisclosed, JD Industrials was valued at $6.7 billion (approximately RMB 47.6 billion) in March 2023 after completing a $300 million Series B funding round.

Upon successful listing, JD Industrials will become the sixth JD-affiliated company to go public, following JD.com, JD Logistics, JD Health, Dada Group, and Deppon Logistics.

The road to IPO hasn't been smooth. JD Industrials previously filed applications in March 2023, September 2024, and March 2025, all of which lapsed due to expired prospectuses.

Prior to approval, JD Industrials conducted a pre-IPO roadshow this month, targeting $500–600 million in fundraising. The offering's joint sponsors include Bank of America Merrill Lynch, Goldman Sachs, Haitong International, and UBS—a lineup of top-tier global investment banks.

JD.com holds a 78.84% stake in JD Industrials through its wholly-owned subsidiary, maintaining absolute control. Founder Liu Qiangdong owns 3.68% via Max I&P Limited.

JD Industrials traces its origins to October 2018 when it became a first-tier category under JD.com. The pivotal year 2020 saw the company complete its Series A funding (led by GGV Capital with participation from Sequoia Capital and CPE Yuanfeng) and acquire Suzhou Gongpinhui in August.

By March 2023, JD Industrials' valuation had tripled from 2020 levels after its $300 million Series B round. It has since grown into China's largest MRO (Maintenance, Repair, and Operations) procurement service provider, commanding 4.1% market share by 2024 transaction volume—nearly triple that of its closest competitor.

Financially, JD Industrials demonstrates robust growth and profitability. Revenue from continuing operations grew from RMB 14.1 billion in 2022 to RMB 20.4 billion in 2024, achieving a 20.1% CAGR. After a RMB 1.3 billion net loss in 2022, it turned profitable with RMB 48 million in 2023 and RMB 760 million in 2024. H1 2025 net profit reached RMB 450 million, up significantly from RMB 290 million year-over-year.

The company's core strength lies in its fully integrated digital industrial supply chain system. Addressing industry pain points like fragmented demand/supply and redundant distribution layers, JD Industrials built a "product network + warehouse network + fulfillment network" ecosystem. As of June 2025, it offered 81.1 million SKUs across 80 categories, connecting 158,000 manufacturers and distributors.

This year, JD Industrials launched JoyIndustrial—the industry's first industrial supply chain AI model—leveraging 57.1 million industrial SKU data points and serving over 10,000 industrial enterprises. The IPO aligns with JD's broader industrial internet transformation strategy, positioning the company as a "connector for manufacturing."

Challenges remain, however. Inventory turnover days increased from 17.9 to 23.1 between 2022 and H1 2025, reflecting demand forecasting gaps. While emphasizing operational independence, JD Industrials still derives 39.7% of revenue from JD.com platforms as of 2024 (down from 48.7% in 2021).

To diversify, JD Industrials is expanding internationally, supporting over 100 Chinese companies' overseas expansion into markets like Mexico and Indonesia. It's also strengthening automation capabilities through robotics partnerships, exemplified by collaborations with Jingyao Technology and Nanjing Tianchuang Electronics.

As of June 2025, JD Industrials served 11,000 key enterprise clients (including 60% of Fortune China 500 companies) and 2.6 million SMEs. The listing represents both an expansion of Liu Qiangdong's capital portfolio and market recognition of JD Industrials' digital supply chain transformation. Investors will soon cast their verdict with real capital.