China’s JD.com unit Jingdong Industrials aims for US$412 million Hong Kong IPO
Seven cornerstone investors led by London-based M&G Investments pledge a total of US$170 million
The company said it would offer 211.21 million shares priced between HK$12.70 and HK$15.50 in its primary offering, with the final offer price to be determined on December 10, according to a filing with the Hong Kong stock exchange on Wednesday.
About 10 per cent of the H-share offering would be allocated to the public, with the remainder reserved for institutional investors, JD Industrials said. Retail investors can begin subscribing to shares on Wednesday, with the offer closing on December 8. Trading is expected to commence on December 11. The company may exercise an overallotment option to issue up to 31.68 million additional shares.
JD Industrials’ listing comes as investors and IPO hopefuls flock to Hong Kong’s exchange, drawn by favourable valuations. The city’s market capitalisation grew 37 per cent year on year to HK$48.1 trillion by the end of October, according to Hong Kong Exchanges and Clearing data.
The growth has been powered by a string of billion-dollar mainland Chinese listings. Contemporary Amperex Technology raised US$5.24 billion in May, followed by Chery Automobile securing US$1.18 billion in September and Huawei-backed electric vehicle maker Seres Group raising US$1.8 billion in November.
The IPO boom has boosted stock market liquidity, with average daily turnover reaching HK$258.2 billion in the first 10 months of 2025, more than double compared to the same period last year.