Jingdong Industrial, the supply-chain arm of JD.com (HKG:9618), is planning a Hong Kong initial public offering next month to raise as much as $600 million, The Standard reported.

The target is lower than the roughly $1 billion the company previously expected to seek.

JD Industrial plans to issue up to 253 million shares, according to its application submitted to the Hong Kong bourse, the report said.

UBS has joined the deal as a joint sponsor alongside Bank of America, Goldman Sachs, and Haitong International, it added.

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