Chinese online retailer JD is setting up tentative timetables to take its affiliates public over the next two years, a source with direct knowledge of the matter told TechNode.

The company will focus on its secondary listing in Hong Kong this year, JD Logistics in 2021 and then JD Digits in 2022, according to the source who declined to be named as the information is confidential.

The Chinese e-commerce giant is expected to see some of most valuable assets go public:

  • Secondary listing
    • Details about JD’s Hong Kong listing have begun to emerge although the company remains silent on the matter.
    • The dual-listing could come as early as June, local media reported.
    • Despite impacts from Covid-19, it has beaten market expectations with $20.6 billion net revenue in the first quarter of this year.
  • Dada Nexus
    • The company behind on-demand grocery delivery platform JD Daojia and delivery platform Dada Now, filed for a US IPO on May 13. JD is the largest shareholder of the firm with a 51.4% stake.
  • JD Logistics
    • The logistics unit was spun off in 2017.
    • It is reportedly in early discussions with banks in December to raise $8 billion to $10 billion through an IPO.
    • The business raised $2.5 billion in February 2018 from a range of backers including investment firm Hillhouse Capital, China Development Bank Capital, as well as Tencent.
    • Once a loss-making business, JD Logistics gained momentum over 2019 and recorded a 91% revenue jump year-over-year in the first quarter.
  • JD Digits
    • Formerly JD Finance, this affiliate offers data processing capabilities and the implementation of data technologies with AI and IoT among its core strength. 
    • Its data technology output includes its core capabilities on data warehousing, data mining, visual analysis, alongside other data-related functions. 

The potential listing spree comes as the company’s retail chief Xu Lei is gradually taking over from founder Richard Liu the company’s new leader.

Read more: JD readies for life after Richard Liu isn’t the only Chinese tech giant seeking to bring its assets public. Tencent, a shareholder, has a bunch of its affiliates listed since 2017, including search engine arm Sogou, online reading unit China literature, online-only insurance firm Zhong An and Tencent Music. It’s also planning for IPO of healthcare affiliate WeDoctor. The Chinese internet titan had a bumper year with 16 portfolio firms going public in 2018.

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via or Twitter.