JINGDONG Industrials’ HK$2.98 Billion Hong Kong IPO

Cleary Gottlieb represented BofA Securities, UBS, Haitong International, and Goldman Sachs, as joint sponsors, joint overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers; Huatai International, as a joint overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager; CITIC Securities, as a financial advisor, joint global coordinator, joint bookrunner, and joint lead manager; and ABCI, BOC International, CMBC Capital, FUTU Securities International, HSBC, ICBCI, and Orient Securities (Hong Kong), as joint global coordinators, joint bookrunners, and joint lead managers, in the HK$2.98 billion (excluding the overallotment option) global offering of ordinary shares and listing on the Main Board of the Hong Kong Stock Exchange of JINGDONG Industrials Inc. (JD Industrials).

The offering priced on December 9, 2025, and closed on December 11, 2025. Trading of the shares of JD Industrials on the Hong Kong Stock Exchange commenced today, December 11, 2025.

M&G, CPE Investment, AIM, IvyRock, CoreView, Schonfeld, and Burkehill participated in the offering as cornerstone investors, with aggregate investments of approximately $170 million (or approximately HK$1.3 billion).

JD Industrials is the leading industrial supply chain technology and service provider in China, offering a wide range of industrial products and comprehensive digital supply services that cover products, procurement, fulfillment, and operations. In the 12 months ended June 30, 2025, JD Industrials served approximately 11,100 key accounts. For the first half of 2025, JD Industrials’ key accounts included around 60% of China’s Fortune 500 companies and over 40% of Global Fortune 500 companies that had operations in China.

The Cleary team included partners Freeman Chan, Shuang Zhao, Miao Zhang, and Biyuan Zhang, counsel Robert Williams, counsel-elect Daisy Yan, associates Priscilla Chow, Quinn Lau, Taoran Wang, Michelle Chan, Bryan Fung, Jingshu Guo, and Norman Luk, and trainee solicitor Holly Chan. Partner Matthew Brigham and associate Michael Olson advised on tax matters, with assistance from law clerk Jiyoung (Reina) Kim.