JD.com Unit Tests Demand For $500 Million Hong Kong IPO

JD.com JD traded steady Monday after Bloomberg reported that its supply-chain technology unit, Jingdong Industrials, has begun gauging investor interest for a Hong Kong IPO that could raise about $500 million.

The company started investor-education meetings on Monday, according to deal terms seen by Bloomberg, marking its first major step toward a listing after more than a year of regulatory delays.

Jingdong Industrials originally filed for an IPO in March 2023 but secured approval from China's securities regulator only in September 2025. The unit handles logistics technology, industrial solutions and automation services that support JD.com's broader e-commerce network. An eventual listing would give investors a more direct look at one of the company's higher-margin infrastructure businesses at a time when Chinese tech firms are pushing to unlock value through spin-offs and secondary offerings.

JD.com has not commented on the timetable, but the offering could move quickly if demand proves strong.