Congratulations to JD Industrials on Its Successful Hong Kong Stock Exchange Listing | Yunqi Capital

On December 11, JD Industrials (stock code: 07618), a leading domestic provider of industrial supply chain technology and services, officially commenced trading on the Main Board of the Hong Kong Stock Exchange, embarking on a new chapter of growth.

In 2020, JD Industrials fully acquired Gongpinhui, a supply chain e-commerce project backed by Yunqi Capital, making it a Yunqi portfolio company. Yunqi had led Gongpinhui's Series B round as early as 2017 and continued to invest in subsequent rounds.

JD Industrials is positioned as China's leading industrial supply chain technology and services provider. Through its end-to-end intelligent industrial supply chain solution "Taipu," it offers one-stop industrial product procurement and digital services to customers in manufacturing, energy, infrastructure, transportation, and other industries, helping enterprises reduce costs and improve efficiency.

After years of development, JD Industrials has grown into an industry leader: in 2024, its transaction volume reached approximately RMB 28.8 billion, ranking first in both China's MRO procurement services market and industrial supply chain technology and services market; as of June 30, 2025, it offered approximately 81.1 million SKUs across 80 product categories, making it the platform with the broadest range of industrial product categories in China.

The proceeds from this IPO will be primarily used to further strengthen industrial supply chain capabilities, expand geographically, and fund potential strategic investments or acquisitions.

Yunqi's relationship with JD Industrials began in 2020. That same year, JD Industrials completed its acquisition of Gongpinhui, an industrial supplies supply chain e-commerce company. Gongpinhui was among the earlier entrants to deeply cultivate the industrial supplies B2B track. As an early-stage investor focused on technology-enabled industrial supply chains, Yunqi led Gongpinhui's Series B round in 2017 and continued to invest in multiple subsequent rounds.

Throughout the process of integrating Gongpinhui into JD Industrials, Yunqi Capital founding partner Chengyu Mao, together with the investment team, maintained close communication with the Gongpinhui team, helping assess strategic synergies with JD, and provided advice on transaction timing and key terms, facilitating a smooth consensus between both parties. After joining the JD ecosystem, Gongpinhui further solidified JD Industrials' offline channel and mid-to-long-tail store network coverage, complementing JD's existing industrial products business. "JD Gongpinhui" has now become an important one-stop digital procurement entry point within JD Industrials' business structure serving SMEs and other customers.

Today, as JD Industrials enters the public markets as a whole, this represents for Yunqi both a testament to supporting enterprise growth and a milestone harvest of our "technology empowering industry" investment philosophy.

Upholding the belief in driving industrial upgrading through technological innovation, Yunqi has for years focused on two directions — "technology industrialization" and "industry digitalization" — deeply cultivating frontier technology, intelligent manufacturing, industrial and enterprise digitalization, and partnering with numerous high-quality innovative enterprises.

Beyond JD Industrials, we have also invested at early stages in XTransfer, PingCAP, Zhijin Technology, Manycore Tech, MiniMax, World Logistics, DeepRoute, Neolix, DeFeng Technology, Keenon Robotics, X Variable Robotics, Astribot, RealMan Robotics, and other innovative projects that are deeply advancing technology's empowerment of life and production. We hope to explore long-term value in broader scenarios together with entrepreneurs.