JINGDONG Industrials

JINGDONG Industrials (京东工业) is a leading industrial supply chain technology and service provider in China, operating under JD.com's umbrella . The company traces its origins to 2020, when JD.com's industrial unit acquired Gongpinhui (工品汇), a B2B industrial supplies e-commerce platform that Yunqi Capital had backed since its 2017 Series B . Yunqi Capital partner Mao Chengyu worked closely with the Gongpinhui team to evaluate strategic fit with JD and advise on deal terms .

The company positions itself around a "supply chain + technology + service" model, offering MRO procurement, digital intelligent sourcing, energy management, and maintenance solutions to manufacturing, energy, infrastructure, and transport clients . By 2024 it recorded roughly RMB 28.8 billion in transaction volume and ranked first in China's MRO procurement services market—nearly triple the size of its nearest competitor—while holding a 4.1% share of the broader industrial supply chain technology and services market . As of mid-2025 it carried approximately 81.1 million SKUs across 80 product categories .

JINGDONG Industrials completed a $300 million Series B in March 2023 led by Mubadala and 42XFund, with M&G, BPEA EQT, and Sequoia China participating , and listed on the Hong Kong Stock Exchange in December 2025 under ticker 07618 . Yunqi Capital, which first entered this track through its early bet on Gongpinhui, has cited the IPO as validation of its "technology empowering industry" thesis .