JD Industrial submitted its prospectus three times over two years and finally obtained approval.

After a lapse of two and a half years, JD Industrial's Hong Kong IPO plan has been approved by the China Securities Regulatory Commission. On September 23rd, it was announced that the CSRC has recently issued a notice regarding the overseas issuance and listing of JINGDONG Industrials, Inc. JD Industrial plans to issue no more than 253 million ordinary shares and list on the Hong Kong Stock Exchange. Seen as one of JD's "most secretive unicorns," JD Industrial has the backing of prominent investors such as Sequoia China, as well as the favor of the "Middle East Consortium." However, JD Industrial's path to IPO has been fraught with challenges. Daily Economic News reporters noted that JD Industrial first submitted documents to the Hong Kong Stock Exchange in March 2023, and in the following month submitted an IPO filing to the CSRC, but the prospectus became invalid. In September 2024, JD Industrial's Hong Kong IPO was restarted, and the prospectus was updated in March of this year. With the approval for a Hong Kong IPO, if successful, JD Industrial will become the 6th public listing platform following JD Group, Dada Group, JD Health, JD Logistics, and Deppon Express. JD Industrial and JD Consumer Finance, which also submitted documents together for the first time, are also in line for listing.