Shares of Jingdong Industrials Inc. — the industrial supply‑chain technology and services arm of Chinese e‑commerce giant JD.com — opened about 7.8% lower than their offer price on their Hong Kong Stock Exchange debut, reflecting a weak investor reception despite broader market strength.
The company raised approximately HK$2.98 billion (roughly US$383 million) from the listing after pricing its shares at HK$14.10 each, below some earlier expectations tied to an initial US$500 million target.
Although demand during the IPO process was strong — reportedly oversubscribed by many times — trading enthusiasm fizzled, and the stock’s early performance lagged the benchmark Hang Seng Index.
The debut occurs amid a busy year for Hong Kong listings, with many Chinese companies tapping the exchange, yet jitters from global market volatility may have dampened investor appetite for new floats.
Jingdong Industrials says it plans to use the IPO proceeds to enhance its supply‑chain capabilities and expand its business footprint, but initial market reaction will likely prompt scrutiny over valuation and appetite for similar industrial tech offerings.