Source: Visual China

JD proposed to spin off Jingdong Property Inc. and Jingdong Industrials Inc. and list these units on the Main Board of Hong Kong separately, according to a filing with the exchange on Thursday. Following the spinoff, JD would indirectly hold more than 50% stakes in each of the two companies, which would remain as the subsidiary, the e-commerce firm said, not disclosing how much these units want to raise through their listings.

JD currently holds a stake of about 77.95% in Jingdong Industrials, a provider for industrial supply chain technology and service founded in November, 2019. It holds approximately 74.96% of total issued share capital of Jingdong Property, an infrastructure asset management and integrated service platform established in just eleven years ago. Both of units applied for initial public offering (IPO) with the stock exchange the same day.

The prospectus showed Jingdong Industrials has the broadest customer coverage in China’s industrial supply chain technology and service market and served around 6,900 key accounts and over 2.6 million small and mid-size enterprises (SMEs) in 2022. The company raked around RMB22.3 billion in 2022, representing a compound annual growth rate (CAGR) of 38.4% from 2020. It became the largest service provider in China’s industrial supply chain technology and service market, in terms of GMV in 2022, according to CIC.

Jingdong Property maintained strong growth in recent years. Its revenue increased 190.3% year-on-year to RMB2.32 billion, compared with the revenue of RMB582 million in 2020. The profits, benefited from changes in the fair value of completed and under-construction investment real estate, were much more than revenue. It posted adjusted annual net income of RMB2.88 billion, RMB2.24 billion and RMB3.11 billion from the year 2020 to 2022, respectively. As of December 31, 2022, JD.com Jingdong Property has accumulated a wide range of modern infrastructure asset portfolios across 29 provincial administrative regions in China and 4 foreign countries, with a total asset management worth of RMB 93.7 billion and construction area of approximately 23.3 million square meters. It was ranked third and second among modern infrastructure providers in Asia and China, respectively, in terms of floor area.

JD’s spinoff came days after its peer Alibaba Group unveiled its most important business revamp in its almost 24-year history. Alibaba said it would split into six business groups, including Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics, Global Digital Commerce Group, Digital Media and Entertainment Group. With financial independence, each business group is fully responsible for its performance and could seek separate IPOs, the chair CEO Zhang Yong said. Alibaba Group will become a holding company, with Zhang in charge of strategic planning.

The logistic arm Cainiao has started preparation for its Hong Kong IPO, which seems to be the first in Alibaba’s six units to be a listed company, according to a Bloomberg report on Thursday, citing people with knowledge of the matter. With the current valuation at more than US$20 billion, Cainiao could go public as early as end of the year, the people said. Cainiao didn’t have any clear plan or timetable about IPO, the company later responded.

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