China’s JD.com to spin off industrial, property units

HONG KONG: Chinese e-commerce firm JD.com Inc said on Thursday it planned to spin off its property and industrial units and list them on the Hong Kong Stock Exchange.

Upon completion of the proposed spin off of JD Logistics and JD Property, JD.com said it would continue to indirectly hold more than 50% of the shares in both units which will remain as subsidiaries of the company.

The revamp comes a day after bigger rival Alibaba Group said it was planning to split into six units and explore fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history. The size and structure of JD.com units’ initial public offering have not yet been finalised.