JD Industrial is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO. In this note, we talk about the updates from its recent re-filing.
What is covered in the Full Insight:
Introduction
Background and Valuation Thoughts
Refiling Updates and Performance
Client and GMV Growth Analysis
Earnings and Margins Trends
Boomeranged on Mon, 24 Nov 2025 16:07
JD Industrial has now filed its PHIP and could look to launch its planned US$500m IPO within the next week or two. We will take a re-look at valuations in our subsequent notes.