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BEIJING, March 30 (TMTPOST) – JD.com (JD.NASDAQ/ 09618.HK) announced on Thursday the spin-off of Jingdong Property and Jingdong Industrials while the two subsidiaries filed their separate initial public offering (IPO) applications with the Hong Kong Stock Exchange on the same day.
JD.com currently holds approximately 77.95% and 74.96% of the total issued share capital of Jingdong Property and Jingdong Industrials, respectively. Following the completion of the spin-off, it will continue to indirectly hold over 50% of the equity interests in both companies, which will remain as its subsidiaries. Jingdong Property focuses on infrastructure property management services, including the construction and operation of standardized warehouses, integrated intelligent industrial parks, data centers, and photovoltaic energy. Jingdong Industrials offers infrastructure leasing services for industrial supply chains, such as enterprise distribution centers, Jinggong cabinets, and intelligent mobile warehouses.
Jingdong Property, established in 2018, has expanded its asset scale significantly. As of December 31, 2022, the company’s modern infrastructure parks covered 29 domestic provincial-level administrative regions and four countries overseas, with a total asset under management of 93.7 billion yuan. According to the prospectus, its annual earnings for the years 2020 to 2022 were 2.81 billion yuan, 1.50 billion yuan, and 2.22 billion yuan, respectively. In March 2022, it successfully raised $800 million in its Series B financing round. Moreover, in July 2022, the company completed its acquisition of China Logistics Property Holdings Co., Ltd.
Established in 2019, Jingdong Industrials is geared toward industrial enterprises. The company’s main objective is to address the issues of decentralized package procurement, slow supply of engineering materials in remote areas, low efficiency of on-site industrial materials management, and high inventory costs. According to the prospectus, its revenues were 6.8 billion yuan, 10.35 billion yuan, and 14.14 billion yuan for the years 2020 to 2022, respectively. During the same years, the company’s net profits or losses were 341 million yuan, -1.21 billion yuan, and -1.38 billion yuan, respectively.
With the spin-off of JD.com’s subsidiaries for IPOs, analysts believe that the e-commerce giant will receive increased attention in the capital market, which will ultimately improve its valuation. The spin-off will enable investors to gain a better understanding of Jingdong Property and Jingdong Industrials’ financial situation and business operations, allowing them to better evaluate the potential and value of the two companies. Moreover, this decision will enable JD.com to concentrate more on its core e-commerce business, thereby accelerating its growth and expansion in the Chinese e-commerce market. This move also has the potential to unlock greater profits for JD.com as a whole by leveraging the potential of the two subsidiaries. By going public independently, the two companies will be better positioned to attract the attention of domestic and international capital markets, as well as gain greater opportunities and support for their future development.
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