JD.com to list JD Industrials and JD Property on HKSE - PingWest

JD.com to list JD Industrials and JD Property on HKSE

JD.com to list JD Industrials and JD Property on HKSE

March 30, 2023 7:30 am

JD.com, one of Alibaba's major competitors in the e-commerce industry, announced on Thursday that it plans to spin off its two units, JD Industrials and JD Property, and list them on the Hong Kong Stock Exchange.

Upon the completion of the proposed spin-off, JD.com will maintain a stake of over 50% in both entities. The size and structure of the IPOs have not yet been determined.

JD Industrials is a technology-driven platform that caters to businesses in China by offering industrial products and services, while JD Property provides integrated solutions for high-standard warehousing, intelligent industrial parks, intelligent data centers, and other services to various industries.

The move by JD.com follows in the footsteps of Alibaba, which announced on Wednesday that it would split itself into six units and explore financing or listing each unit.

JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively, in their listing prospectuses filed later on Thursday.

BofA Securities, Goldman Sachs, and Haitong will be the sponsors of the IPOs, while UBS and Citic Securities will serve as the financial advisers for JD Industrials and UBS as the financial adviser for JD Property.

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