JD.com’s Marketplace Revenue Rises 26% as Direct Sales Slip 3.1%
Jingdon Property filed for an IPO to expand overseas logistics assets, with JD.com retaining a 75% stake alongside Hillhouse and Warburg Pincus. Bank of America cut JD.com’s price target from $38 to $36, forecasting a 3.1% drop in direct sales offset by 26% marketplace growth and 2.6% total revenue gain.
1. Logistics Unit IPO Plans
Jingdon Property, the logistics infrastructure arm majority-owned by JD.com, filed for an IPO to raise funds for expanding its overseas network and strengthening its footprint in Chinese cities. JD.com will maintain a 75% stake post-listing, with private equity firms Hillhouse and Warburg Pincus as other notable shareholders.
2. Analyst Revision and Sales Outlook
Bank of America lowered its price target on JD.com shares from $38 to $36 while reiterating a Buy rating ahead of Q4 2025 results. The bank projects a 3.1% year-over-year decline in direct sales, driven by a 13% drop in home appliance and electronics categories, but expects mid-teens growth in general merchandise, a 26% rise in marketplace and services revenue, and a 2.6% increase in total revenue.