$JD INDUSTRIALS(07618.HK) On its first day of listing, it faced pressure to break the issue price, opening lower at HK$13 per share, down 7.8% from the issue price of HK$14.1. Excluding handling fees, each lot of 200 shares incurred a paper loss of HK$220, with the intraday low touching HK$12.66 in the morning session. This performance echoed the weak trend in the previous day's grey market trading, where the stock closed down 2.34% at HK$13.77, reflecting cautious market sentiment in the early stages. However, as buying power gradually emerged during the session, the stock price rebounded, briefly rising to HK$14.15 in the afternoon, slightly surpassing the issue price, and finally stabilizing at the issue price of HK$14.1 before the close.

During the full-day trading, JD Industrial's turnover reached HK$543 million, with a turnover rate of 1.48%. The stock price fluctuated between HK$12.66 and HK$14.15, showing a brief tug-of-war between bulls and bears. Notably, despite the opening-day break, the issue price, the company previously received strong capital support, with the Hong Kong public offering oversubscribed by 60.52 times and the international placement oversubscribed by 7.88 times. Seven institutions, including M&G Investment and CPE Yuanfeng, formed a strong cornerstone investor lineup, collectively subscribing to 44.45% of the shares, providing support for the afternoon rebound. The company's impressive financial performance—turning a profit in 2023 and a 158-fold increase in net profit in 2024—along with the broad prospects of China's industrial supply chain digitalization, also became the core logic for investor confidence recovery.

Let’s take another look at JD Industrial (07618.HK)’s grey market performance.

JD Industrial (07618.HK) opened flat at HK$14.10 in the Phillip grey market, briefly surged to a high of HK$14.20 before falling to a low of HK$13.11, then stabilized and rebounded, closing at HK$13.73 in the late session, down 2.62%, with an amplitude of 7.73% and a turnover of HK$42.8 million.

JD Industrial (07618.HK) buy orders were placed at seats 9688, 9583, 0085, 2266, etc., with the first sell order seat being 0945.

Let’s take a look at JD Industrial (07618.HK)’s placement situation!

JD Industrial (07618.HK) finalized its IPO price at HK$14.10, the median of the price range of HK$12.70-HK$15.50, raising HK$2.978 billion, with a total market capitalization of HK$37.895 billion, a free float market cap of HK$1.654 billion at listing, and an issuance ratio of 7.86%.

Placement details: 72,234 subscribers, this public offering was oversubscribed by 60.52 times. Due to the implementation of allocation mechanism B, there was no clawback ratio. The international placement was oversubscribed by 7.88 times, with a one-lot winning rate of 35.00%. Subscribing to 50 lots guaranteed 1 lot, while Group B had 719 applicants, including 5 top bids, with an allocation rate of 0.93%-2.60%.

JD Industrial (07618.HK) Group B officially disclosed the list of successful applicants:

Group B had 719 successful applicants, with a total of approximately 10.5604 million shares allocated, worth approximately HK$149 million, with top bids worth approximately HK$1.379 million, and a grey market closing loss of HK$36,100.

Now let’s look at the international placement situation:

JD Industrial’s international placement had a total of 93 subscribers, with a subscription rate of 7.88 times.

JD Industrial (07618.HK) international placement shares are relatively concentrated, with the top 25 placees holding 14.39% of the total issued shares post-listing. JD Industrial (07618.HK) has Merrill Lynch as the stabilizing agent, with a greenshoe of HK$447 million.