JingDong Industrials to launch IPO seeking up to $500 million next week, sources say

By Kane Wu and Scott Murdoch

HONG KONG (Reuters) -JingDong Industrials, a portion of Chinese online retailer JD.com, is readying to motorboat an archetypal nationalist ​offering of up to $500 cardinal successful Hong Kong adjacent week, 3 sources with ‌knowledge of the woody said connected Monday.

The company, besides known arsenic JDi, is having discussions with investors this week, aiming ‌to terms the offering connected December 8 with a listing day of December 11, the sources said, declining to beryllium named arsenic the accusation is confidential.

The motorboat day for JDi, which is engaged successful concern proviso concatenation services, has yet to beryllium finalised, they said.

The IPO size is besides fluid and whitethorn ⁠be chopped depending connected archetypal capitalist ‌response, 2 of the sources said.

JD.com, which owns astir 79% of JDi aft spinning it disconnected successful 2023, did not instantly reply to a ‍request for comment.

JDi's long-awaited IPO comes arsenic volatility successful U.S. markets has wounded the performances of immoderate caller caller listings successful Hong Kong. In addition, investors person go much cautious aft a engaged twelvemonth ​during which the metropolis has go the world's apical listing venue successful presumption of woody volume.‌

Shares of autonomous driving companies Pony.ai and WeRide plunged astir 10% connected their archetypal trading days earlier this month.

JDi, which was valued astatine astir $6.7 cardinal successful its pre-IPO circular successful 2023, could acquisition a valuation downsizing successful the IPO, the 2 sources cautioned.

Hong Kong's caller listings totalled astir $32 cardinal arsenic of November 17, up much than 200% from a twelvemonth earlier,⁠ according to Dealogic data.

JDi got the greenish airy from China'​s securities watchdog successful September, much than 2 years ​after it archetypal notified the China Securities Regulatory Commission of its offering plans, according to disclosures from the regulator.

In its Hong Kong IPO filing, JDi said it is ‍the starring concern proviso concatenation ⁠technology and work supplier successful China.

In the archetypal fractional of 2025, its gross roseate 18.9% from a twelvemonth earlier to 10.3 cardinal yuan ($1.4 billion), ⁠the filing said.

Bank of America, Goldman Sachs, Haitong International Securities and UBS are associated sponsors of the IPO, according ‌to JDi's banal speech filings.

(Reporting by Kane Wu successful Hong Kong and ‌Scott Murdoch successful Sydney; Editing by Thomas Derpinghaus)