IPO Timeline Raw facts
Broker Deadline
2025-12-08
Morning deadline
HKEX Deadline
2025-12-08
Noon deadline
Broker Results (T-2)
2025-12-09
Some brokers release in afternoon
Grey Market (T-1)
2025-12-10
Afternoon
HKEX Allotment (T-1)
2025-12-10
Evening
Registrar Allotment (T-1)
2025-12-10
Evening
Listing Day (T)
2025-12-11
First day of trading
Company Overview
| Stock Name | JD Industrials |
|---|---|
| Stock Code | 07618 |
| Company Full Name | JINGDONG Industrials, Inc. |
| Industry | Industrial Supply Chain Technology |
| Principal Activities | We are a leading industrial supply chain technology and service provider in China. By implementing a transformative digital-intelligent transformation of industrial supply chains, we help customers achieve supply assurance, cost reduction, efficiency improvement and compliance. Through “Taipu,” an end-to-end digital-intelligent industrial supply chain solution that combines “digital” (digital-intelligence) and “physical” (goods), we provide extensive industrial product supply and digital-intelligent supply chain services to meet customers’ diverse needs. |
| Listing Date | 2025-12-11 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中華人民共和國北京市北京經濟技術開發區京東總部4號樓3層 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1901室 |
| Place of Incorporation | Cayman Islands |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | jingdongindustrials.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 14.10 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 2,820 |
| Par Value | RMB 5e-07 / shares |
| Offer Period | 2025-12-03 to 2025-12-08 |
| Global Offering Shares | 211,208,800 shares |
| HK Public Offer Shares (Initial) | 21,121,000 shares (10.0%) |
| Public Offer Lots (Initial) | 105,605lots (52,802lots, 52,803lots) |
| International Placing Shares (Initial) | 190,087,800 shares (90.0%) |
| Offer Ratio | ~7.86% |
| Total Shares Post-IPO | 2,687,570,231 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | Merrill Lynch (Asia Pacific) Limited CE AAC198 |
| Cornerstone Share | 44.3% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,978,044,080 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 2,820 |
| 2 lots | 400 | HK$ 5,640 |
| 3 lots | 600 | HK$ 8,460 |
| 4 lots | 800 | HK$ 11,280 |
| 5 lots | 1,000 | HK$ 14,100 |
| 6 lots | 1,200 | HK$ 16,920 |
| 7 lots | 1,400 | HK$ 19,740 |
| 8 lots | 1,600 | HK$ 22,560 |
| 9 lots | 1,800 | HK$ 25,380 |
| 10 lots | 2,000 | HK$ 28,200 |
| 15 lots | 3,000 | HK$ 42,300 |
| 20 lots | 4,000 | HK$ 56,400 |
| 25 lots | 5,000 | HK$ 70,500 |
| 30 lots | 6,000 | HK$ 84,600 |
| 35 lots | 7,000 | HK$ 98,700 |
| 40 lots | 8,000 | HK$ 112,800 |
| 45 lots | 9,000 | HK$ 126,900 |
| 50 lots | 10,000 | HK$ 141,000 |
| 100 lots | 20,000 | HK$ 282,000 |
| 150 lots | 30,000 | HK$ 423,000 |
| 200 lots | 40,000 | HK$ 564,000 |
| 250 lots | 50,000 | HK$ 705,000 |
| 300 lots | 60,000 | HK$ 846,000 |
| 350 lots | 70,000 | HK$ 987,000 |
| 400 lots | 80,000 | HK$ 1,128,000 |
| 450 lots | 90,000 | HK$ 1,269,000 |
| 500 lots | 100,000 | HK$ 1,410,000 |
| 1,000 lots | 200,000 | HK$ 2,820,000 |
| 1,500 lots | 300,000 | HK$ 4,230,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 400,000 | HK$ 5,640,000 |
| 2,500 lots | 500,000 | HK$ 7,050,000 |
| 3,000 lots | 600,000 | HK$ 8,460,000 |
| 3,500 lots | 700,000 | HK$ 9,870,000 |
| 4,000 lots | 800,000 | HK$ 11,280,000 |
| 4,500 lots | 900,000 | HK$ 12,690,000 |
| 5,000 lots | 1,000,000 | HK$ 14,100,000 |
| 10,000 lots | 2,000,000 | HK$ 28,200,000 |
| 15,000 lots | 3,000,000 | HK$ 42,300,000 |
| 20,000 lots | 4,000,000 | HK$ 56,400,000 |
| 25,000 lots | 5,000,000 | HK$ 70,500,000 |
| 30,000 lots | 6,000,000 | HK$ 84,600,000 |
| 35,000 lots | 7,000,000 | HK$ 98,700,000 |
| 40,000 lots | 8,000,000 | HK$ 112,800,000 |
| 45,000 lots | 9,000,000 | HK$ 126,900,000 |
| 52,802 lots | 10,560,400 | HK$ 148,901,640 |
Stock Connect Inclusion
| HK Market Cap | HK$ 36.23B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 37,894,740,257 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 760 million |
| Period-End Cash Balance | RMB 4,559.68 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 14.1 |
|---|---|
| First Day Open | HK$ 13.0 |
| First Day Change | 9.22% |
| First Day Volume | 39585500.0 |
| First Day Turnover | 543449000.0 |
Use of Proceeds
| Use of Proceeds | 1、約35%（或約9.9億港元）預計在未來48至60個月用于進一步增強我們的工業供應鏈能力； 2、約25%（或約7.07億港元）預計在未來48至60個月用于跨地域的業務擴張； 3、約30%（或約8.48億港元）預計將用于潛在戰略投資或收購； 4、約10%（或約2.83億港元）預計將用于一般公司用途及營運資金需要。 |
|---|
Underwriting Syndicate
Joint Sponsors (4)
Overall Coordinators (6)
Joint Global Coordinators (13)
Merrill Lynch (Asia Pacific) Limited CE AAC198
UBS AG Hong Kong Branch
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
ABCI CAPITAL LIMITED CE AWL249
BOCI ASIA LIMITED CE AET863
CLSA Limited CE AAB893
CMBC SECURITIES COMPANY LIMITED CE APU820
Futu Securities International (Hong Kong) Limited CE AZT137
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Orient Securities (Hong Kong) Limited CE AVD362
Joint Bookrunners (13)
Merrill Lynch (Asia Pacific) Limited CE AAC198
UBS AG Hong Kong Branch
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
ABCI CAPITAL LIMITED CE AWL249
BOCI ASIA LIMITED CE AET863
CLSA Limited CE AAB893
CMBC SECURITIES COMPANY LIMITED CE APU820
Futu Securities International (Hong Kong) Limited CE AZT137
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Orient Securities (Hong Kong) Limited CE AVD362
Joint Lead Managers (13)
Merrill Lynch (Asia Pacific) Limited CE AAC198
UBS AG Hong Kong Branch
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
CLSA Limited CE AAB893
CMBC SECURITIES COMPANY LIMITED CE APU820
Futu Securities International (Hong Kong) Limited CE AZT137
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Orient Securities (Hong Kong) Limited CE AVD362
Capital Market Intermediaries (14)
Merrill Lynch (Asia Pacific) Limited CE AAC198
UBS AG Hong Kong Branch
HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Huatai Financial Holdings (Hong Kong) Limited CE AOK809
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
CLSA Limited CE AAB893
CMBC SECURITIES COMPANY LIMITED CE APU820
Futu Securities International (Hong Kong) Limited CE AZT137
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Orient Securities (Hong Kong) Limited CE AVD362
Stabilizing Manager (1)
Merrill Lynch (Asia Pacific) Limited CE AAC198
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
世达国际律师事务所及其联属人士 北京世辉律师事务所 迈普达律师事务所（香港）有限法律责任合伙 |
| Legal Advisor to Sponsors/Underwriters |
Cleary Gottlieb Steen & Hamilton (Hong Kong) 汉坤律师事务所 |
| Auditor and Reporting Accountant | 德勤‧关黄陈方会计师行 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks |
Bank of China (Hong Kong) Limited 交通银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | M&G | 85,000,000 USD | 46,936,200 | 22.20% | 1.70% | 6 months | 2026-06-11 |
| 2 | CPE Investment | 30,000,000 USD | 16,565,600 | 7.80% | 0.60% | 6 months | 2026-06-11 |
| 3 | 晨曦投资管理 | 20,000,000 USD | 11,043,800 | 5.20% | 0.40% | 6 months | 2026-06-11 |
| 4 | 常春藤 | 15,000,000 USD | 8,282,800 | 3.90% | 0.30% | 6 months | 2026-06-11 |
| 5 | 刚睿 | 10,000,000 USD | 5,521,800 | 2.60% | 0.20% | 6 months | 2026-06-11 |
| 6 | Schonfeld | 5,000,000 USD | 2,760,800 | 1.30% | 0.10% | 6 months | 2026-06-11 |
| 7 | Burkehill | 5,000,000 USD | 2,760,800 | 1.30% | 0.10% | 6 months | 2026-06-11 |
Directors & Management
| Chairman | 劉強東 |
|---|---|
| Company Secretary | 趙明璟 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | JD Industrial Technology Limited holds 1,925,608,574 shares, representing 71.65% of the issued shares after completion of the Global Offering and the Conversion Adjustment. JD.com is deemed to have an interest in the shares held by JD Industrial Technology Limited, holding in aggregate 1,945,640,594 shares, representing 72.39%. |
|---|
AI
AI 市场洞察
AI interpretation
deepseek-v4-pro · AI-generated
市场情绪
The IPO of 京东工业 was met with strong retail enthusiasm, reflected in the 60.52x oversubscription ratio. Despite the high demand, the overall hit rate of 54.23% indicates that a relatively wide base of applicants received allocations, as no clawback was triggered under Mechanism B. The final offer price of HKD 14.10 suggests stable pricing dynamics. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
The tier distribution shows a stark anomaly: the largest A-tier (甲尾) applicants who applied for 300,000 lots were allocated only 1 lot, identical to the first B-tier (乙头) who applied for 400,000 lots and also received 1 lot. This demonstrates severe inefficiency, as the marginal benefit of using a B-head subscription is negligible, while the funding cost differential is substantial. Broker fee efficiency varies widely, and the high-value tiers appear to offer no allocation advantage. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Broker fee structures vary, and actual costs may differ. Not financial advice.)
申购人群画像
Demographic data for this IPO was not disclosed in the provided source, with mainland China and Hong Kong participation percentages both at 0%, and total holders unlisted. Such missing information limits the ability to assess regional trends, although the total of 72,234 valid applications suggests broad retail engagement. The absence of granular data may indicate that this information was not collected or reported by the registrar. (This is AI-generated commentary based on historical data. Data may contain errors or omissions; verify against official HKEX filings. Not financial advice.)
