The Hong Kong Stock Connect list has undergone a major adjustment! JD Industrial was included on the first day and was warmly received by investors, with the stock price soaring over 10%

This article is from Times Finance, authored by Bai Yu.

Image source: Visual China

On March 9, JD Industrial (07618.HK) saw a significant surge in its afternoon stock price, with an intraday increase of over 16%, reaching HKD 13.31 per share. By the close, the stock rose 10.11% to HKD 12.63 per share, with a trading volume of approximately HKD 145 million. The stock had already gained over 7% on the previous trading day (March 6), showing a clear upward trend.

In terms of news, on March 9, the Hong Kong Stock Connect list underwent a new round of adjustments, with JD Industrial officially included in the Hong Kong Stock Connect target list. This means JD Industrial is now accessible to a broader range of mainland investors, who can invest in the company through their A-share accounts without needing a Hong Kong stock account.

Stocks included in the Hong Kong Stock Connect saw prices jump over 10%

The background for this adjustment stems from the quarterly review results announced by Hang Seng Indexes on February 13. According to the announcement, JD Industrial was included in the Hang Seng Composite Index, with the changes implemented after the market close on March 6 and officially taking effect from March 9.

In the Hong Kong stock market, the Hang Seng Composite Index is widely regarded as an important benchmark for the overall representation of listed companies and is a key reference for the Stock Connect adjustments.

For a listed company, being included in the Hang Seng Composite Index not only signifies recognition of its market capitalization, liquidity, and market representation but also provides opportunities to be included in more institutional investor portfolios and index funds.

Following the Hang Seng Indexes’ quarterly review and announcement of adjustments, on March 6, the Shanghai and Shenzhen stock exchanges issued notices on the adjustments to the Stock Connect targets. A total of 44 companies were newly included, including JD Industrial, Lead Intelligent (00470.HK), Dipu Technology (01384.HK), Zhaowei Electromechanical (02692.HK), among others; while some were removed, such as Beijing Capital International Airport (00694.HK), Shenzhou Holdings (00861.HK), Beijing Automotive (01958.HK), Midea Property (03990.HK), etc.

The latest round of Stock Connect adjustments took effect, and market funds quickly flowed into the newly included stocks. Among them, JD Industrial performed particularly well, rising over 10% again on March 9 after a 7% increase on March 6, becoming one of the most watched stocks in this round of inclusion. Its highest price on that day reached HKD 13.31; trading volume exceeded 11.99 million shares, a tenfold increase compared to the average daily volume earlier this year.

Historical experience shows that adjustments to the Hong Kong Stock Connect often serve as catalysts for increased liquidity and stock price performance. For newly included stocks, this typically means expanded trading channels and a broader potential investor base. It is also often interpreted by the market as a validation of the company’s fundamentals, scale, and market position.

Huatai Securities’ review of 15 rounds of Hong Kong Stock Connect adjustments from 2017 to 2024 shows that, within the window from the announcement of the Hang Seng Indexes’ adjustment to the effective date, newly included stocks tend to outperform the Hang Seng Index with significant and stable excess returns, with median and average returns of +1.8% and +4.7%, respectively.

JD Industrial is a scarce high-quality stock in the industrial supply chain and industrial internet sectors.

This differentiated model means that JD Industrial is not just a simple industrial goods e-commerce platform but offers comprehensive services covering supply chain strategic planning, system construction, industrial product procurement, fulfillment, and ongoing operational optimization—what is called “full-chain intelligent digitalization.” It aims to meet the overall needs of large enterprises’ supply chains through global optimization and coordination. Additionally, JD Industrial provides tailored services for each industry, scenario, and enterprise to meet their personalized requirements.

Jiang Han, senior researcher at Pangu Think Tank, stated that the real bottleneck in China’s industrial supply chain is not demand deficiency but the mismatch on the supply side due to high fragmentation, strong specialization, and uncertain fulfillment in industrial scenarios. JD Industrial’s core breakthrough lies in transferring infrastructure and technological capabilities—such as intelligent replenishment, warehouse network layout, and project-based fulfillment—from consumer e-commerce to B2B industrial scenarios, deeply verticalizing into specific industries and building a competitive moat centered on “efficiency barriers.” This shift from GMV-driven to supply chain efficiency-driven paradigms confirms that industrial internet has moved beyond the proof-of-concept stage into a scalable, replicable phase.

Recently, institutions such as Goldman Sachs, UBS, CITIC Securities, and CITIC Lyon have issued buy and outperform ratings on JD Industrial, reflecting strong investor confidence. Inclusion in the Hong Kong Stock Connect also brings JD Industrial closer to domestic investors, further diversifying its shareholder base and attracting more long-term mainland capital.

First full-year financial report exceeds expectations

Beyond capital and regulatory catalysts, JD Industrial’s unexpectedly strong performance has attracted widespread market attention.

Recently, JD Industrial released its 2025 financial report, showing revenue of RMB 23.952 billion, a 17.4% year-over-year increase; adjusted net profit reached RMB 1.13 billion, up 5.3%.

The report states that revenue growth was mainly driven by continuous increases in transaction volume. Specifically, the company’s transaction volume grew from approximately RMB 28.8 billion in 2024 to RMB 33.5 billion in 2025, a 16.5% increase, mainly due to successful efforts in attracting new customers and expanding existing customer share.

JD Industrial noted that as a leading provider of industrial supply chain technology and services, it has further upgraded its full-chain digital capabilities, achieved a series of innovative breakthroughs in industrial supply chain solutions, and continuously created value for customers in cost reduction, efficiency enhancement, compliance, and supply assurance.

More importantly, the company’s unique “full-chain digitalization” business model and the “Taipu” integrated supply chain solution have gained industry-wide recognition.

The latest financials show that JD Industrial has continued to expand in industry, customer base, and services. From 2025, transaction volume from key enterprise clients reached RMB 16.5 billion, a 26.5% increase; as of December 31, 2025, the number of key enterprise clients served in the past 12 months reached 13,300, up 26.0%.

It is noteworthy that this is JD Industrial’s first complete financial report since listing. On December 11, 2025, JD Industrial was listed on the Hong Kong Stock Exchange, with an issue price of HKD 14.1 per share, raising net proceeds of HKD 2.827 billion, becoming the sixth “JD Group” listed company after JD.com, JD Logistics, JD Health, Dada Group (which has completed privatization and delisting), and Deppon Logistics (also privatized and delisted).

Since 2017, JD Industrial has operated as an independent business unit within JD, providing supply chain technology and services in the industrial products sector. A JD Industrial representative previously told Times Finance, “JD’s move into industrial supply chain is a natural evolution of our supply chain capabilities, opening our strengths to more complex upstream and downstream supply chains, leveraging our infrastructure and technology to drive digital transformation and improve overall industry supply chain efficiency.”

From a business foundation perspective, JD Industrial has built a relatively solid industrial service platform. It has connected approximately 205,000 manufacturers, distributors, and agents, with around 97.7 million SKUs. Based on MRO (Maintenance, Repair, and Operations) categories, JD Industrial’s product services have expanded to include long-tail direct materials (“BOM-C” items), such as fasteners, seals, and electronic components.

CIC Consulting reports that JD Industrial maintains the highest market share in the industry and holds a dominant position in the MRO digital procurement segment, with a scale nearly three times that of the second-largest competitor. It also has the largest customer coverage in China’s industrial market.

With its official inclusion in the Hong Kong Stock Connect list, JD Industrial’s market visibility has further increased, and it is expected to continue benefiting from southbound funds, passive funds, and long-term strategic investors. Market perceptions of its growth potential and scarcity are likely to be further reinforced.