New stock news | JD Industrial passed the hearing of the Hong Kong Stock Exchange and is the largest participant in the Chinese MRO procurement service market.

According to the disclosure by the Hong Kong Stock Exchange on November 23, JD Industrial Limited (referred to as "JD Industrial") conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with Bank of America Securities, Goldman Sachs, HAITONG INT'L and UBS as joint sponsors. The prospectus shows that JD Industrial is a leading industrial supply chain technology and service provider in China. By practicing revolutionary industrial supply chain digitization transformation, it helps customers achieve supply guarantee, cost reduction, efficiency enhancement, and compliance. The company provides a wide range of industrial supplies and digital supply chain services through the "Taipu" comprehensive digital industrial supply chain solution that combines "numbers" (digitization) and "practical" (commodities) to meet the diverse needs of customers. "Taipu" is built on the company's end-to-end supply chain digitization infrastructure, covering commodities, procurement, fulfillment, and operations. The company mainly generates revenue by selling industrial products to customers and providing related services. The continuous growth in scale fully demonstrates the efficiency of the company's business model. From 2022 to 2024, the company's revenue from ongoing operations increased from approximately RMB 14.1 billion to RMB 20.4 billion, with a compound annual growth rate of 20.1%. JD Industrial began to focus on supply chain technology and service businesses specializing in MRO procurement services in 2017. After years of development, the company has become the largest participant in China's MRO procurement service market, ranking first based on transaction volume in 2024, nearly three times the size of the second place. According to the same data, as the company expands to a broader industrial supply chain market, it is also the largest service provider in China's industrial supply chain technology and service market based on transaction volume in 2024, with a market share of 4.1%. According to data from Zhushizixun, JD Industrial had the widest customer coverage in China's industrial supply chain technology and service market in 2024. In the twelve months leading up to June 30, 2025, the company served approximately 11,100 key corporate clients. In the first half of 2025, approximately 60% of the company's key corporate clients were from the Chinese Forbes Global 500 companies and over 40% were from global Forbes Global 500 companies in China. As of December 31, 2024, the company provided the widest range of industrial products in China in terms of SKU quantity. As of June 30, 2025, the company provided approximately 81.1 million SKUs, covering 80 product categories. In the twelve months leading up to June 30, 2025, the company's product supply came from a wide and national industrial supply network consisting of approximately 158,000 manufacturers, distributors, and agents. On the industrial supply side, JD Industrial promotes the digital transformation of various links in the industrial supply chain from commodities, procurement, fulfillment to operations, and has built an end-to-end digital infrastructure, forming the foundation of "Taipu." The company standardizes and digitizes the parameters of a large number of products to unify the "language system" in the industrial supply chain. The company provides digital procurement services for key enterprises, SMEs, and other customers, enabling them to enjoy convenient industrial procurement. The company utilizes intelligent decision-making to optimize fulfillment arrangements and provide real-time fulfillment assurance to customers. The company's closed-loop digital services include procurement planning, transactions, and after-sales services, helping customers achieve cost reduction, efficiency enhancement, and transparent procurement. On the customer demand side, leveraging the end-to-end digital infrastructure, JD Industrial extends its business to assist customers internally in top-level procurement strategic planning and procurement supply chain system construction to better realize internal digital transformation. Through the digital procurement solutions provided by "Taipu" - including the Mall Procurement Solution, SRM Procurement Solution, and Tender Procurement Solution, the company helps customers to respond more efficiently to different procurement scenarios. The company also provides procurement consulting services, builds procurement operations and compliance control systems, helping customers efficiently and comprehensively manage suppliers and avoid potential risks. In terms of finances, in the fiscal years 2023, 2024, and the six months ended June 30, 2024 and 2025, JD Industrial achieved revenues of approximately RMB 17.336 billion, RMB 20.398 billion, RMB 8.62 billion, and RMB 10.25 billion respectively; during the same periods, the annual/profit for the period was approximately RMB 4.799 million, RMB 762 million, RMB 291 million, and RMB 451 million respectively.