Jingdong Industrials, the supply chain service arm of Chinese e-commerce giant JD.com, debuted on the HKEX on 11 December, raising HKD2.83 billion. Shihui Partners, Maples Group, Cleary Gottlieb and Han Kun Law Offices advised on the transaction.
This listing marks the sixth IPO within the JD.com group, China’s largest retailer by revenue.
The global offering comprised around 211.2 million shares at an offer price of HKD14.1 apiece, with 10% offered in Hong Kong and the remainder sold internationally. BofA Securities, UBS, Haitong International and Goldman Sachs acted as joint sponsors.
Skadden served as Hong Kong and US counsel to the issuer, led by partner Du Shu and China practice co-head Paloma Wang. Shihui advised as PRC counsel, with partner Zhang Jian leading the team alongside partner Luo Yu. Maples provided Cayman Islands advice to JD Industrials, led by Matt Roberts, head of the Asia corporate practice.
For the underwriters, Cleary Gottlieb acted as Hong Kong and US counsel, with partners Freeman Chan, Zhao Shuang, Zhang Miao and Zhang Biyuan leading the team. Han Kun served as PRC counsel.
JD.com has completed five previous IPOs: JD.com listed on the Nasdaq in 2014 and conducted a secondary listing in Hong Kong in June 2020; Dada Group listed on the Nasdaq in June 2020 before being privatised and fully integrated into JD; JD Health listed in Hong Kong in December 2020; and JD Logistics completed its Hong Kong IPO in May 2021.
The prospectus states JD Industrials intends to use the proceeds to enhance its industrial supply chain capabilities, support geographic business expansion, pursue potential strategic investments or acquisitions, and for general corporate purposes and working capital.
