Jingdong Property, hereafter referred to as JD Property, has submitted its A1 listing application to the Hong Kong Stock Exchange.

The prospectus shows that, as the infrastructure development and management platform under JD.com, JD Property had developed, owned, or managed 285 infrastructure assets across 29 provincial-level regions in China and ten countries and regions overseas as of September 30, 2025. Its total gross floor area reached approximately 27.1 million square meters, and its assets under management totaled RMB 121.5 billion (USD 17 billion). These assets include 259 logistics parks, 20 industrial parks, and six data center facilities.

JD Property generated revenue of RMB 2.87 billion (USD 401.8 million), RMB 3.42 billion (USD 478.8 million), and RMB 3 billion (USD 420 million) in 2023, 2024, and the first nine months of 2025, respectively, representing an average annual growth rate of about 20%. In the first nine months of 2025, its adjusted net profit reached RMB 823 million (USD 115.2 million), up 77% year-on-year. Its AUM as of September 2025 had increased by 28.1% compared with the beginning of 2023.

From a valuation perspective, three themes emerge from the prospectus: international expansion, an asset-light transformation, and ecosystem backing. Together, these factors indicate a potential shift in valuation benchmarks, a possible premium uplift, and a long-term growth anchor.

According to Hurun’s 2025 list of global unicorn companies, JD Property ranked among the world’s top 100 with a valuation of RMB 54.5 billion (USD 7.6 billion). It has attracted investment from Hillhouse Capital, Warburg Pincus, HongShan, and BlackRock.

Notably, GLP is reportedly preparing to file for a Hong Kong listing, with a prospectus expected early in the year. If completed, the two infrastructure-focused companies could list in the same market, offering investors comparable exposure to logistics and industrial real estate platforms.

Globalization as a valuation reset

In the current phase of outbound expansion, the internationalization of technology and services has become a key factor in how capital markets assess long-term value. Investors increasingly examine whether a company can operate across regions and support clients’ global supply chains.

JD Property’s overseas expansion reflects this shift. According to JLL, as of September 30, 2025, 12.8% of its RMB 121.5 billion in AUM was located outside mainland China. By comparison, overseas AUM accounted for 3.7% at the beginning of 2023, 7.2% by the end of 2023, and 10.7% by the end of 2024. The steady increase indicates a gradual transition from a primarily domestic operator to an international platform.

Since 2020, JD Property has developed logistics infrastructure in overseas hubs. In 2023, it completed the acquisition of a logistics park in Coventry in the UK, which reached nearly 100% occupancy upon completion. In July and November 2025, it signed cooperation agreements with the Abu Dhabi Airports Free Zone and entered into a strategic memorandum with Modon in Saudi Arabia.

As of September 30, 2025, its logistics facilities spanned 10 countries and regions, forming a network of more than 50 parks across major trade hubs. Its international team had grown to nearly 600 employees.

This geographic diversification may reduce reliance on any single market. For example, while its Coventry project approached full occupancy, a project in Dubai’s Jebel Ali Free Zone secured tenants upon handover. Such cases suggest demand resilience across markets, although long-term performance will depend on occupancy stability and lease terms.

JD Property’s strategy also aligns with the broader trend of Chinese companies expanding overseas supply chains. As firms shift from exporting products to building localized supply chain networks, demand for logistics and industrial infrastructure has increased. Within this context, JD Property positions itself as a service provider to enterprises seeking cross-border expansion.

According to IPO Zaozhidao, in Jakarta, Indonesia, when an undisclosed Chinese home appliance brand sought short-term warehouse solutions during a period of rapid expansion, JD Property provided warehousing support and optimized warehouse flow design to improve logistics efficiency. The relationship later evolved into a longer-term arrangement. In a separate case in Indonesia, it reportedly supported a Chinese beverage chain by providing warehouse facilities to sustain store expansion.

JD Property’s narrative has evolved from that of a domestic logistics real estate operator to a participant in global supply chain infrastructure development. Whether this repositioning results in a sustained valuation premium will depend on the durability of overseas earnings and capital returns.

Capital efficiency and the making of a scarce asset

In public markets, valuation premiums often hinge on capital efficiency and predictable cash flow.

JD Property describes its model as combining infrastructure solutions, asset value enhancement, and fund or partnership platform management. It has launched multiple funds and real estate investment trusts (REITs) and is shifting toward an asset management model through capital recycling.

Management fee income recorded a compound annual growth rate of 30% between 2020–2024. The company reported average annual asset appreciation gains of RMB 1.3 billion (USD 182 million), with cumulative returns reaching 40% of initial costs. As of September 30, 2025, its fund management scale had increased from RMB 25.5 billion (USD 3.6 billion) in 2022 to RMB 41 billion (USD 5.7 billion), accounting for 33.7% of total AUM.

Its platform includes five core funds, one development fund, one acquisition fund, a co-investment platform, and an infrastructure securities investment fund listed on the Shanghai Stock Exchange, the Harvest & JD Storage Logistics REIT. In addition, RMB 80.5 billion (USD 11.3 billion) in assets within its fund pipeline may support future fund and partnership platform expansion.

The inclusion of overseas assets, often denominated in local currencies and backed by long-term leases, may diversify revenue sources and reduce exposure to domestic market cycles. Some projects have attracted institutional co-investors.

For example, JD Property acquired a logistics asset portfolio in Singapore with local partners and sold part of its equity stake to an institutional investor within a year, completing a capital recycling cycle. In the UAE, it co-invested in a greenfield development project while serving as asset manager. These transactions illustrate its capital recycling strategy, though future returns will depend on market conditions and asset performance.

Ecosystem backing as a long-term anchor

Valuation sustainability depends on earnings growth and project sourcing capability. JD Property’s development pipeline is closely linked to JD.com’s ecosystem.

Incubated by JD Logistics in 2007 and operating independently since 2018, JD Property has spent more than a decade serving JD.com’s supply chain network. Through this relationship, it developed operational experience in commerce and logistics flows, resource integration, and regional industrial development.

In 2025, JD Property entered into a partnership with Ririshun Logistics, launching its first joint project in Beijing to improve warehousing, sorting, and distribution efficiency in North China. It also signed an agreement with Ronghui Logistics to support nationwide network expansion and operational upgrades.

As of September 30, 2025, more than 90% of its completed domestic assets recorded occupancy rates above 90%, approximately ten percentage points higher than the average in the new economy segment, according to JLL. Revenue from external customers accounted for 62.5% of its infrastructure solutions segment as of September 30, 2025, compared with negligible levels when it began independent operations in 2018.

The ecosystem linkage allows JD Property to provide services beyond rent collection. By coordinating with JD Industrials, it aggregates procurement demand for in-warehouse hardware facilities to reduce costs. Meanwhile, JD Technology provides traffic flow assessment, vehicle dispatch optimization, and artificial intelligence-driven warehouse monitoring to improve operational efficiency.

Outlook

Valuation ultimately depends on the visibility and sustainability of free cash flow.

As Chinese companies expand overseas, supply chain localization and local market integration have become more prominent. JD Property operates at the intersection of this shift, providing logistics and industrial infrastructure to enterprises seeking international growth.

In Hong Kong’s market, few listed platforms focus directly on supporting the global supply chain expansion of Chinese firms. JD Property’s long-term valuation will depend on whether its international footprint, capital recycling model, and ecosystem backing translate into consistent cross-border cash flow generation.

This article was adapted based on a feature originally written by Su Da and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.