Jingdong underperforms Hang Seng on debut despite 60-times oversubscribed IPO
JD.com’s business-to-business unit tested investor appetite for Chinese supply-chain technology stocks
Strong demand for Jingdong Industrials’ HK$2.98 billion (US$383 million) IPO failed to carry through to trading on Thursday, testing investor appetite for Chinese supply-chain spin-offs in a resurgent Hong Kong market.
Its drop outpaced the broader market, with the benchmark Hang Seng Index down 0.20 per cent to around 25,500 in early afternoon trading.
Jingdong Industrials – also known as JD Industrials – runs an online platform that supplies tools, components and maintenance services to factories and other industrial clients and is part of JD.com’s push into business-to-business services.
Its listing comes as investors and IPO hopefuls flock to Hong Kong’s exchange, drawn by favourable valuations.
Funds raised through IPOs in the first 11 months of 2025 totalled HK$259.4 billion, a 228 per cent increase from the HK$79.1 billion in the same period last year, according to Hong Kong Exchanges and Clearing (HKEX).
The surge has been powered by a string of billion-dollar mainland Chinese listings, including Contemporary Amperex Technology, which raised US$5.24 billion in May, Chery Automobile, which secured US$1.18 billion in September, and Huawei-backed electric vehicle maker Seres Group, which raised US$1.8 billion in November.