JD.com’s Jingdong Property files for Hong Kong IPO

[SINGAPORE] Jingdong Property, a Chinese logistics infrastructure manager majority owned by e-commerce major JD.com, has filed for an initial public offering (IPO) in Hong Kong, a regulatory filing showed on Monday (Jan 26).

The firm did not disclose details such as size or timing in what will be its second attempt at a Hong Kong listing after a 2023 application lapsed while awaiting regulatory approval.

Reuters reported in March 2023 that JD.com planned to spin off its industrial and property units in deals worth US$1 billion each. Jingdong Industrials listed in Hong Kong in December 2025 after raising almost US$400 million.

Jingdong Property on Tuesday said that it plans to use IPO proceeds to expand its overseas infrastructure asset network, strengthen its footprint in core Chinese cities, upgrade services and fund general corporate needs.

The firm develops and manages infrastructure assets, mainly logistics parks. As at Sep 30, it managed 121.5 billion yuan (S$22.2 billion) worth of assets, of which about 12.8 per cent are overseas, the filing showed.

Revenue in the first nine months of 2025 rose 21 per cent to three billion yuan from 2.5 billion yuan the same period a year earlier. Net loss shrank to 159 million yuan from 1.4 billion yuan.

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JD.com owns about 75 per cent of Jingdong Property and will remain the controlling shareholder after the listing, the filing showed. Other shareholders include investment vehicles linked to Hillhouse and Warburg Pincus.

BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors. REUTERS