JD Industrial listed on the Main Board of the Hong Kong Stock Exchange, leading China's industrial supply chain sector and facilitating digital and intelligent upgrades in the industry.

On December 11, Beijing time, JD Industrial Co., Ltd. (referred to as "JD Industrial") was officially listed on the main board of the Hong Kong Stock Exchange, with the stock code 7618. According to the Hong Kong Stock Exchange announcement, the public offering price of JD Industrial was set at HK$14.1 per share. If the over-allotment option is not exercised, the net proceeds from the global offering will be approximately HK$2.827 billion.$JD INDUSTRIALS(07618.HK)

This listing in Hong Kong marks a new stage of development for JD Industrial. The raised funds are expected to be primarily used to enhance industrial supply chain capabilities, cross-regional business expansion, potential strategic investments or acquisitions, and other areas, continuously helping customers improve supply chain efficiency and reduce operating costs.

JD Industrial stated, "We will leverage JD's super supply chain to continuously strengthen digital and intelligent supply chain technologies and service capabilities, creating greater value for the industry, upstream and downstream partners, and customers, while delivering long-term returns to investors."

Previous announcements showed that the shares offered in Hong Kong by JD Industrial were oversubscribed, with a total of 72,234 valid applications received, equivalent to approximately 60.25 times the total number of shares initially available for public subscription in Hong Kong. At the same time, its international placement was also oversubscribed, approximately 7.88 times the number of shares initially available for placement, demonstrating the recognition of JD Industrial by investment institutions and investors.

According to the prospectus, JD Industrial's total revenue from continuing operations mainly comes from product sales and service income. From 2022 to 2024, product sales revenue was RMB 12.9 billion, RMB 16.1 billion, and RMB 19.2 billion, respectively, with a compound annual growth rate of 21.7%; service income remained stable at approximately RMB 1.2 billion. The company's total revenue from continuing operations increased from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023 and further to RMB 20.4 billion in 2024, with a compound annual growth rate of 20.1%. According to the latest information, JD Industrial disclosed that its total revenue as of August 31, 2025, reached RMB 14.1 billion, a year-on-year increase of 18.9%. In terms of profitability, JD Industrial achieved a net profit of RMB 500 million in the first half of 2025 and has achieved annual profitability for two consecutive years in 2023 and 2024.

JD Industrial's official website shows: In the long-term process of serving the digital and intelligent transformation of the industrial manufacturing supply chain, JD Industrial has grown into China's leading industrial supply chain technology and solution service provider, serving over 10,000 key enterprise customers and millions of small and medium-sized enterprise customers, including approximately 60% of China's Fortune 500 companies and 40% of global Fortune 500 companies in China. Focusing on three major scenarios—MRO (non-production materials), BOM (production raw materials), and spare parts—JD Industrial aggregates over 158,000 manufacturers, distributors, and agents, providing 80 product categories and approximately 81.1 million SKUs of industrial products, building extensive and high-quality supply-side coverage.

JD Industrial regards the integrated digital and physical supply chain infrastructure and technological capabilities as its differentiated core competitiveness. To meet the needs of large enterprises for transformation, upgrading, cost reduction, and efficiency improvement, the Taipu Digital-Physical Integrated Supply Chain Solution covers subdivided industries, meets multi-scenario demands, and adapts to different digital stages, providing supply chain technology services and products including strategic consulting and planning, full-chain technology and delivery, product supply chain, operations, and value-added services, helping customers reduce costs, improve efficiency, ensure supply, and comply with regulations.

The core of the Taipu solution lies in using technology to precisely connect supply and demand, creating a "highway" for data flow, achieving precise matching of supply and demand, reducing social collaboration costs, and improving total factor productivity. On the supply side, "Taipu" aggregates a large number of suppliers, links demand plans and inventory, and shortens intermediate links; on the demand side, it focuses on the digital and intelligent transformation of internal supply chains, including demand planning, supplier management, and financial integration, providing enterprises with comprehensive data support and decision-making suggestions.

Jiang Han, a senior researcher at Pangoal Institution, said that the real bottleneck of China's industrial supply chain is not insufficient demand but the difficulty of the supply side to match the highly fragmented, highly professional, and uncertain fulfillment scenarios in the industrial scenarios. The core breakthrough of JD Industrial lies in systematically migrating the infrastructure and technological capabilities accumulated in consumer e-commerce, such as intelligent replenishment, warehouse network layout, and project-based fulfillment, to B2B industrial scenarios, and deeply penetrating vertical industries to build a competitive moat centered on "efficiency barriers." This paradigm shift from GMV-driven to supply chain efficiency-driven precisely confirms that the industrial Internet has crossed the concept verification period and entered a scalable and replicable stage of scale.