File Photo/NBD

March 31 (NBD) -- JD Industrials, the most secret unicorn of Chinese e-commerce giant JD.com, submitted an IPO application to the HK bourse on Friday.

For the first time, core performance data such as JD Industrials' business composition and revenue profile is fully disclosed.

According to the prospectus, JD Industry's transaction volume amounted to approximately 22.3 billion yuan in 2022, with a compound annual growth rate of 38.4% from 2020. From 2020 to 2022, the adjusted net profits of JD Industrials are 440 million yuan, 500 million yuan and 710 million yuan respectively.

Based on the transaction volume in 2022, JD Industrial ranks first in China's MRO procurement service market and is also the largest service provider in China's industrial supply chain technology and service market, according to the prospectus citing a report released by China Insight Consultancy.

JD Industrials was spun off from JD.com as a standalone entity in 2017. The firm secured $230 million in a Series A round led by global venture capital firm GGV Capital in May 2020. Mubadala, one of the United Arab Emirates' sovereign wealth funds, co-led the US$300 million series B round of JD Industrials in March 2023.

It is noticed that the IPO of JD Industrial serves the main business of JD.com—the supply chain. Different from JD Logistics, JD Industrials serves the upper-stream players, said a person close to JD.com to NBD.