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By
Reuters
Published
Mar 30, 2023
Reading time
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China's JD.com to spin off industrial, property units in Hong Kong float

By
Reuters
Published
Mar 30, 2023

E-commerce firm JD.com Inc said on Thursday it planned to spin off its property and industrial units and list them on the Hong Kong Stock Exchange, the latest revamp in the Chinese technology sector after a sweeping regulatory crackdown.


Reuters


JD.com said it would continue to hold a stake of more than 50% in the units, JD Industrials and JD Property, upon completion of the proposed spin-off.

U.S.-listed shares of JD.com rose 6% on the news. They lost more than a third of their value over the past two years, caught in Beijing's clampdown on the tech sector.

Rival Alibaba Group had earlier this week disclosed its own plan to split into six units and explore fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history.

JD.com said the size and structure of its units' initial public offerings had not yet been finalised.
In their listing prospectuses filed later on Thursday, JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively.

This is not the first time JD.com has tried to reinvent itself.

The Beijing-based company spun off its logistics unit into a standalone entity in 2017 and then opened up its delivery and warehousing services to third-party companies.

Its business has struggled in the past few quarters due to strict COVID-19 curbs imposed by Beijing, which slammed consumer confidence.

In January, JD.com said it was winding down its e-commerce business in Indonesia and Thailand, where it faced stiff competition from Sea Ltd-owned Shopee.

BofA Securities, Goldman Sachs and Haitong are the sponsors of the units' IPOs. UBS and Citic Securities are the financial advisers for JD Industrials, while UBS is the financial adviser for JD Property.

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