JD Industrial (07618) plans to globally offer 211 million shares and is expected to be listed on December 11th.

JD Industrial (07618) will be listed from December 3, 2025 to December 8, 2025, with a plan to globally issue 211 million shares. The public offering in Hong Kong accounts for 10%, while the international offering accounts for 90%. There is also an additional 15% overallotment option. The offer price per share will be between HK$12.7 and HK$15.5, with trading expected to begin on December 11, 2025 (Thursday) at 9:00 am on the Hong Kong Stock Exchange. The company is a leading industrial supply chain technology and service provider in China. By practicing transformative industrial supply chain digital transformation, it helps clients achieve supply assurance, cost reduction, efficiency improvement, and compliance. The company started focusing on supply chain technology and service business for MRO procurement services in 2017. After years of development, it has become the largest participant in the Chinese MRO procurement services market. According to data from Zhaoyan Consultancy, it ranked first in terms of transaction volume in 2024, nearly three times the size of the second-ranked company. The same data shows that as the company expands into a broader industrial supply chain market, it is also the largest service provider in China's industrial supply chain technology and service market in terms of transaction volume in 2024, with a market share of 4.1%. The company has shown significant revenue growth in the past. Its revenue mainly comes from sales of goods and services. The total revenue from its continuing operations increased from RMB 14.1 billion in 2022 to RMB 17.3 billion in 2023, further rising to RMB 20.4 billion in 2024, with a compound annual growth rate of 20.1% from 2022 to 2024. The total revenue from its continuing operations increased by 18.9% from RMB 8.6 billion in the six months ended June 30, 2024 to RMB 10.3 billion in the six months ended June 30, 2025. The company recorded a net loss of RMB 1.3 billion in 2022, a net profit of RMB 4.8 million in 2023, and a net profit of RMB 760 million in 2024. As of June 30, 2024 and June 30, 2025, the company recorded a net profit of RMB 290 million and RMB 450 million respectively. The company has entered into cornerstone investment agreements with M&G, CPE Investment, Dawn Investment Management, Ivy League, Gangrui, Schonfeld, and Burkehill, under which the cornerstone investors have agreed to subscribe for or cause their designated entities to subscribe for a total amount not exceeding approximately USD 170 million in shares at the offer price. Assuming an offer price of HK$14.10 per share and the overallotment option is not exercised, the company estimates that it will receive net proceeds of approximately HK$2.827 billion from the global offering. The company plans to use the proceeds from the global offering as follows: approximately 35% is expected to be used to further enhance industrial supply chain capabilities over the next 48 to 60 months; approximately 25% is expected to be used for cross-regional business expansion over the next 48 to 60 months; approximately 30% is expected to be used for potential strategic investments or acquisitions; and approximately 10% is expected to be used for general corporate purposes and operational funding needs.