Just under six months after its initial public offering, JD Industrials (07618.HK) has announced a significant change in its senior management team.

On June 23rd, the company issued a statement revealing that Song Chunzheng has resigned from his roles as executive director, chief executive officer, member of the remuneration committee, and authorized representative, effective July 1, 2026, citing personal health reasons.

Song Chunzheng has confirmed there are no disagreements with the board, and no other matters related to his departure need to be brought to the attention of shareholders or the exchange. The board expressed its gratitude for his contributions during his tenure.

Concurrently, JD Industrials announced the appointment of Wang Peinuan as executive director, chief executive officer, and authorized representative, also effective from July 1, 2026.

Key Timing of the Transition

This leadership transition occurs approximately half a year after the company's debut on the Hong Kong Stock Exchange.

The path to listing for JD Industrials was protracted, with the company submitting listing applications three times—in March 2023, September 2024, and March 2025—each time failing to proceed as the application lapsed.

Following a fourth application in September 2025, the company successfully listed on the Hong Kong exchange on December 11th of that year.

Company Background and Leadership Structure

As a key industrial supply chain business under JD Group, JD Industrials originated from JD's enterprise business unit. It became an independent entity in 2017, rebranded as "JD Industrials," and officially launched in 2018. It primarily provides industrial supply chain technology services to large enterprises, SMEs, multinational corporations, and Chinese companies expanding overseas, representing a classic B2B operation.

According to its prospectus, JD.com founder Richard Liu serves as chairman and non-executive director, providing strategic advice without involvement in daily operations. Song Chunzheng was entrusted with the responsibility of managing the company's specific operations.

The 49-year-old Song Chunzheng, who holds an MBA from Nankai University, joined JD.com in May 2013. He played a leading role in incubating the JD enterprise business and had served as executive director and CEO of JD Industrials since June 2020.

The Incoming Leadership

His successor, 53-year-old Wang Peinuan, brings extensive experience in enterprise services and government/enterprise client management. His career includes roles at Lenovo Group and Digital China, and he previously served as head of major client business at 360 and as a director at China Unicom.

After joining JD Group in March 2018, Wang Peinuan oversaw various divisions including JD Cloud's major client business, the group's strategic cooperation department, and the enterprise business. He was appointed head of the BOM business at JD Industrials in November 2025.

His appointment as CEO is viewed by the market as a strategic move by JD Industrials to further strengthen its industrial supply chain and enterprise client service capabilities following its public listing.