By Jason Chau

JD.com's supply-chain technology unit has started gauging investor interest for its long-awaited Hong Kong initial public offering, amid a fundraising boom in the city's financial markets.

In an exchange filing posted on Sunday, Jingdong Industrials said it intends to use the net proceeds raised to further enhance its industrial supply-chain capabilities, expand internationally and pursue potential strategic investments or acquisitions.

If completed, the listing would conclude a two-year IPO process.

BofA Securities, Goldman Sachs and UBS are among the banks advising on the potential listing.

JD.com first disclosed plans to list Jingdong Industrials in March 2023 alongside a listing for property unit Jingdong Property. Jingdong Industrials' listing application was approved by China's securities regulator in September this year.

Chinese e-commerce giant JD.com has previously spun off businesses through listings over the years, including online healthcare unit JD Health International and supply-chain solutions provider JD Logistics.

JD.com's Hong Kong-listed shares have slid nearly 18% this year, despite the benchmark Hang Seng Index rising close to 28% as investors returned to Hong Kong equities on renewed confidence in China's technology-sector growth.

Write to Jason Chau at jason.chau@wsj.com

(END) Dow Jones Newswires

November 24, 2025 00:52 ET (05:52 GMT)

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