# EDGAR Filing Document

**Accession Number:** 0001549802
**File Stem:** 0001193125-23-084695
**Filing Date:** 2023-3
**Character Count:** 36715
**Document Hash:** b2524d57042877a0860fead24028fcbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-084695.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001193125-23-084695

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20230330

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JD.com, Inc.
- **CENTRAL INDEX KEY:** 0001549802
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36450
- **FILM NUMBER:** 23777450

**BUSINESS ADDRESS:**
- **STREET 1:** 20TH FLOOR, BUILDING A, NO. 18 KECHUANG
- **STREET 2:** YIZHUANG BDA
- **CITY:** DAXING DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 101111
- **BUSINESS PHONE:** 86-10-5895-5500

**MAIL ADDRESS:**
- **STREET 1:** 20TH FLOOR, BUILDING A, NO. 18 KECHUANG
- **STREET 2:** YIZHUANG BDA
- **CITY:** DAXING DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 101111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 360buy Jingdong Inc.
- **DATE OF NAME CHANGE:** 20120511

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM 6-K** 

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**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of March 2023** 

**Commission File Number: 001-36450** 

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## JD.com, Inc.

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**20th Floor, Building A, No. 18 Kechuang 11 Street** 

**Yizhuang Economic and Technological Development Zone** 

**Daxing District, Beijing 101111** 

**The People's Republic of China** 

**(Address of principal executive offices)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

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**Exhibit Index** 

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| | |
|:---|:---|
| 99.1 | [Announcement—Proposed Spin-off and Separate Listing of JD Property on the Main Board of the Stock Exchange of Hong Kong Limited](d389653dex991.htm) |
| 99.2 | [Announcement—Proposed Spin-off and Separate Listing of JD Industrials on the Main Board of the Stock Exchange of Hong Kong Limited](d389653dex992.htm) |

---

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **JD.COM, INC.** | **JD.COM, INC.** |
|  By : | /s/ Sandy Ran Xu |
|  Name : | Sandy Ran Xu |
|  Title : | Chief Financial Officer |

---

Date: March 30, 2023

## Exhibit 99.1

**EXHIBIT 99.1** 

*Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "****Hong Kong Stock Exchange****") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.*

*Under our weighted voting rights structure, our share capital comprises Class A ordinary shares and Class B ordinary shares. Each Class A ordinary share entitles the holder to exercise one vote, and each Class B ordinary share entitles the holder to exercise 20 votes, respectively, on any resolution tabled at our general meetings, except as may otherwise be required by law or provided for in our Memorandum and Articles of Association. Shareholders and prospective investors should be aware of the potential risks of investing in a company with a weighted voting rights structure. Our American depositary shares, each representing two of our Class A ordinary shares, are listed on the Nasdaq Global Select Market in the United States under the symbol JD.* 

*This announcement is for information purpose only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation. In particular, this announcement does not constitute and is not an offer to sell or an invitation or a solicitation of any offer to buy or subscribe for any securities in Hong Kong, the United States of America or elsewhere.* 

*JD.com, Inc. has not intended and does not intend to register any securities referred to in this announcement under the United States Securities Act of 1933, as amended (the "****US Securities Act****") and such securities may not be offered or sold in the United States of America absent registration under the US Securities Act or an applicable exemption from the registration requirements under the US Securities Act or any applicable state securities laws of the United States of America. Any public offering of securities in the United States of America will be made by means of a prospectus or offering memorandum that may be obtained from the issuer or selling security holder and that would contain detailed information regarding the issuer and its management, as well as financial statements. JD.com, Inc. does not intend to register any part of the offering in the United States of America or to conduct a public offering of securities in the United States of America.*![LOGO](g389653g0330174029707.jpg)

**JD.com, Inc.** 

**京東集團股份有限公司** 

*(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)* 

**(Stock Code: 9618)** 

**PROPOSED SPIN-OFF AND SEPARATE LISTING OF JD PROPERTY** 

**ON THE MAIN BOARD OF** 

**THE STOCK EXCHANGE OF HONG KONG LIMITED** 

This announcement is made pursuant to Part XIVA of the SFO, PN15 and Rule 13.09(2)(a) of the Listing Rules.

The Board is pleased to announce that the Company intends to spin-off JD Property by way of a separate listing of the JD Property Shares on the Main Board of the Hong Kong Stock Exchange. The Company submitted a spin-off proposal to the Hong Kong Stock Exchange pursuant to PN15 in relation to the Proposed Spin-off and the Hong Kong Stock Exchange has confirmed that the Company may proceed with the Proposed Spin-off.

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On 30 March 2023, JD Property, through its Joint Sponsors, submitted a listing application form (Form A1) to the Hong Kong Stock Exchange to apply for the listing of, and permission to deal in, the JD Property Shares on the Main Board of the Hong Kong Stock Exchange.

It is currently proposed that the Proposed Spin-off will be effected by way of the Global Offering of the JD Property Shares, comprising the Hong Kong Public Offering and the International Offering. Upon completion of the Proposed Spin-off, the Company will continue to indirectly hold more than 50% of the shareholdings in JD Property and therefore JD Property will remain as a subsidiary of the Company.

Details in respect of the Proposed Spin-off, including the size and structure of the Global Offering, the extent of the decrease in shareholding percentage of the Company in JD Property, have not yet been finalised.

**The Proposed Spin-off is subject to, among other things, the obtaining of an approval from the Listing Committee of the Hong Kong Stock Exchange for listing of, and permission to deal in, the JD Property Shares, the completion of the filing with the China Securities Regulatory Commission for the listing and offering of JD Property Shares and the final decisions of the Board and of the board of directors and shareholders of JD Property, as applicable. Shareholders and potential investors of the Company should be aware that there is no assurance that the Proposed Spin-off will take place or as to when it may take place. Shareholders and potential investors of the Company should therefore exercise caution when dealing in or investing in the securities of the Company.** 

Further announcement(s) will be made by the Company in relation to the Proposed Spin-off as and when appropriate.

**INTRODUCTION** 

This announcement is made pursuant to Part XIVA of the SFO, PN15 and Rule 13.09(2)(a) of the Listing Rules.

The Board is pleased to announce that the Company intends to spin-off JD Property by way of a separate listing of the JD Property Shares on the Main Board of the Hong Kong Stock Exchange. The Company submitted a spin-off proposal to the Hong Kong Stock Exchange pursuant to PN15 in relation to the Proposed Spin-off and the Hong Kong Stock Exchange has confirmed that the Company may proceed with the Proposed Spin-off.

On 30 March 2023, JD Property, through its Joint Sponsors, submitted a listing application form (Form A1) to the Hong Kong Stock Exchange to apply for the listing of, and permission to deal in, the JD Property Shares on the Main Board of the Hong Kong Stock Exchange.

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**INFORMATION ON JD PROPERTY AND THE COMPANY** 

The Group is a leading supply chain-based technology and service provider.

JD Property was incorporated in the Cayman Islands on 19 January 2012. As at the date of this announcement, the Company, through its wholly owned subsidiary, held approximately 74.96% of JD Property's total issued share capital. JD Property is a leading and the fastest growing platform for developing and managing modern infrastructure, consisting primarily of logistics parks, as well as business parks and others, in China and Asia. JD Property provides bespoke, holistic and intelligent infrastructure solutions and has expanded its customer base in third-party logistics, e-commerce, manufacturing, retail and other new economy industries.

Following the completion of the Proposed Spin-off, JD Group will continue to operate, among others, online retail and marketplace e-commerce businesses offering a diverse range of products.

**PROPOSED SPIN-OFF** 

It is currently proposed that the Proposed Spin-off will be effected by way of the Global Offering of the JD Property Shares. Upon completion of the Proposed Spin-off, the Company will continue to indirectly hold more than 50% of the shareholdings in JD Property and therefore JD Property will remain as a subsidiary of the Company.

**REASONS FOR AND BENEFITS OF THE PROPOSED SPIN-OFF** 

The Board considers that the Proposed Spin-off will be beneficial to both the Company and JD Property for the following reasons, among others:

(i) the Proposed Spin-Off would enable investors to better value the
Company with its focus on JD Group business;

(ii) the Proposed Spin-off could better reflect the value of JD Property
Group on its own merits and increase its operational and financial transparency through which investors would be able to appraise and assess the performance and potential of JD Property Group separately and distinctly from those of JD Group;

(iii) JD Property Group's business would be appealing to an investor base that forecasts high growth
opportunities in the infrastructure asset management and integrated property services business, which is different from the relatively more diverse business model of JD Group's operations; and

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(iv) the value of JD Property Group is expected to be enhanced through the Proposed Spin- off which will in turn
benefit the Company as JD Property's Controlling Shareholders and its shareholders as a whole, given that a listing on the Stock Exchange will: (a) enhance JD Property Group's standalone profile, which will help accelerate its
business growth, especially with external customers; (b) enable JD Property Group to directly and independently access both equity and debt capital markets in the future on a standalone basis should the need arise, as well as further enhance JD
Property's ability to secure bank credit facilities; (c) lead to a more direct alignment of the management's responsibilities and accountability of JD Property with its operating and financial performance. This is expected to result
in enhanced management focus, which should in turn lead to improved decision-making processes, faster response time to market changes and increased operational efficiency. JD Property's management will be under heightened scrutiny from the
investor community and it will be possible to measure their performance against the stock market performance of JD Property. It will also be possible to link management incentives to such performance, thereby increasing management motivation and
commitment; and (d) provide clarity of the credit profile of JD Property Group for rating agencies and financial institutions.

**WAIVER FROM STRICT COMPLIANCE WITH PARAGRAPH 3(F) OF PN15** 

Paragraph 3(f) of PN15 requires a listed company contemplating a spin-off to have due regard to the interests of its existing shareholders by providing them with an assured entitlement to shares in the spun-off entity, either by way of a distribution in specie of existing shares in the spun-off entity or by way of preferred application in any offering of existing or new shares in the spun-off entity.

The Company applied for, and the Hong Kong Stock Exchange has granted, a waiver (the "**Waiver**") from the requirement that the Shareholders be provided an assured entitlement to JD Property Shares (as set out in paragraph 3(f) of PN15) on the basis that: (i) the Company is primarily listed on the Nasdaq and only has a secondary listing on the Hong Kong Stock Exchange, (ii) the Company is not subject to a similar requirement under applicable U.S. laws and Nasdaq rules or its articles of association, (iii) the low feasibility of the Company giving assured entitlement by way of distribution in specie or by way of preferred application in any offering of JD Property Shares, as U.S. securities laws would require JD Property to conduct a public offering in the United States and file a registration statement with the SEC under the U.S. Securities Act among other procedures that would be unduly burdensome, (iv) the majority of the Company's trading volume and activity takes place outside of Hong Kong, (v) the Proposed Spin-off is not material to the Company with reference to the Company's market capitalization, and (vi) small and odd lots will be issued to shareholders of the Company in the event of assured entitlement.

In light of the above, the Board considers that the Proposed Spin-off and the Waiver are fair and reasonable and in the interests of the Company and its Shareholders as a whole.

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**LISTING RULES IMPLICATIONS** 

Details in respect of the Proposed Spin-off, including the size and structure of the Global Offering, the extent of the decrease in shareholding percentage of the Company in JD Property, have not yet been finalised. It is expected that the Proposed Spin-off, if materialises, will not affect the Company's eligibility or suitability as a secondary listed issuer on the Hong Kong Stock Exchange under Chapter 19C of the Listing Rules.

**GENERAL** 

A redacted version of the application proof of JD Property's listing document submitted to the Hong Kong Stock Exchange is expected to be available for download on the Hong Kong Stock Exchange's website at http://www.hkexnews.hk/APP/SEHKAPPMainIndex.htm .

**The Proposed Spin-off is subject to, among other things, the obtaining of an approval from the Listing Committee of the Hong Kong Stock Exchange for listing of, and permission to deal in, the JD Property Shares, the completion of the filing with the China Securities Regulatory Commission for the listing and offering of JD Property Shares and the final decisions of the Board and of the board of directors and shareholders of JD Property, as applicable. Shareholders and potential investors of the Company should be aware that there is no assurance that the Proposed Spin-off will take place or as to when it may take place. Shareholders and potential investors of the Company should therefore exercise caution when dealing in or investing in the securities of the Company.** 

Further announcement(s) will be made by the Company in relation to the Proposed Spin-off as and when appropriate.

**DEFINITION** 

In this announcement, unless the context otherwise requires, the following expressions have the following meanings:

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| | |
|:---|:---|
| **Term** | **Definition** |
| "Board" | the board of directors of the Company |
| "Company" | JD.com, Inc., a company incorporated in the BVI on November 6, 2006 and subsequently redomiciled to the Cayman Islands on January 16, 2014 as an exempted company registered by way of continuation under the laws of the Cayman Islands and the shares of which are listed on the Main Board of the Hong Kong Stock Exchange (stock code: 9618) under Chapter 19C of the Listing Rules and the American Depositary Shares (each representing two Class A ordinary shares) of which are listed on Nasdaq under the symbol "JD" |

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| | |
|:---|:---|
| "Controlling Shareholder(s)" | has the meaning ascribed to it under the Listing Rules |
| "Global Offering" | the Hong Kong Public Offering and the International Offering |
| "Group" | the Company and its subsidiaries and consolidated affiliated entities (including the JD Property Group) |
| "Hong Kong" | the Hong Kong Special Administrative Region of the People's Republic of China |
| "Hong Kong Public Offering" | the offer of the JD Property Shares for subscription by the public in Hong Kong |
| "Hong Kong Stock Exchange" | The Stock Exchange of Hong Kong Limited |
| "International Offering" | the placing of the JD Property Shares to professional and institutional investors |
| "JD Property" | JINGDONG Property, Inc. (京東智能產發股份有限公司) (formerly known as JD Property Group Corporation), an exempted company with limited liability incorporated in the Cayman Islands on January 19, 2012 |
| "JD Property Group" | JD Property and its subsidiaries from time to time, including where the context otherwise requires, in respect of the period prior to JD Property becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of JD Property at the relevant time |
| "JD Property Shares" | ordinary shares with a par value of US$0.0000005 each in the share capital of JD Property |
| "JD Group" | the Group excluding the JD Property Group |
| "Joint Sponsors" | Merrill Lynch (Asia Pacific) Limited ("**BofA Securities**"), Goldman Sachs (Asia) L.L.C. ("**Goldman Sachs**") and Haitong International Capital Limited ("**Haitong**") (in alphabetical order) |
| "Listing Rules" | the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange |
| "PN15" | Practice Note 15 of the Listing Rules |
| "Proposed Spin-off" | the proposed spin-off of JD Property by way of a separate listing of the JD Property Shares on the Main Board of the Hong Kong Stock Exchange |

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| | |
|:---|:---|
| "SEC" | the Securities and Exchange Commission of the United States |
| "SFO" | the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) |
| "Shareholders" | the shareholders of the Company |
| "subsidiary(ies)" | has the meaning ascribed to it under the Listing Rules |
| "U.S. Securities Act" | United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder |

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| |
|:---|
| By Order of the Board of Directors |
| **JD.com, Inc.** |
| **Mr. Richard Qiangdong Liu** |
| *Chairman of the Board of Directors* |

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Hong Kong, 30 March 2023

*As at the date of this announcement, our board of directors comprises Mr. Richard Qiangdong LIU as the chairman, Mr. Lei XU as the executive director, Mr. Ming HUANG, Mr. Louis T. HSIEH, Mr. Dingbo XU, Ms. Caroline SCHEUFELE and Ms. Carol Yun Yau LI as the independent directors*

## Exhibit 99.2

**EXHIBIT 99.2** 

*Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "****Hong Kong Stock Exchange****") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.* 

*Under our weighted voting rights structure, our share capital comprises Class A ordinary shares and Class B ordinary shares. Each Class A ordinary share entitles the holder to exercise one vote, and each Class B ordinary share entitles the holder to exercise 20 votes, respectively, on any resolution tabled at our general meetings, except as may otherwise be required by law or provided for in our Memorandum and Articles of Association. Shareholders and prospective investors should be aware of the potential risks of investing in a company with a weighted voting rights structure. Our American depositary shares, each representing two of our Class A ordinary shares, are listed on the Nasdaq Global Select Market in the United States under the symbol JD.* 

*This announcement is for information purpose only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation. In particular, this announcement does not constitute and is not an offer to sell or an invitation or a solicitation of any offer to buy or subscribe for any securities in Hong Kong, the United States of America or elsewhere.* 

*JD. com, Inc. has not intended and does not intend to register any securities referred to in this announcement under the United States Securities Act of 1933, as amended (the "****US Securities Act****") and such securities may not be offered or sold in the United States of America absent registration under the US Securities Act or an applicable exemption from the registration requirements under the US Securities Act or any applicable state securities laws of the United States of America. Any public offering of securities in the United States of America will be made by means of a prospectus or offering memorandum that may be obtained from the issuer or selling security holder and that would contain detailed information regarding the issuer and its management, as well as financial statements. JD.com, Inc. does not intend to register any part of the offering in the United States of America or to conduct a public offering of securities in the United States of America.*![LOGO](g389653g0330174238708.jpg)

**JD.com, Inc.** 

**京東集團股份有限公司** 

*(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)* 

**(Stock Code: 9618)** 

**PROPOSED SPIN-OFF AND SEPARATE LISTING OF JD INDUSTRIALS** 

**ON THE MAIN BOARD OF** 

**THE STOCK EXCHANGE OF HONG KONG LIMITED** 

This announcement is made pursuant to Part XIVA of the SFO, PN15 and Rule 13.09(2)(a) of the Listing Rules.

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The Board is pleased to announce that the Company intends to spin-off JD Industrials by way of a separate listing of the JD Industrials Shares on the Main Board of the Hong Kong Stock Exchange. The Company submitted a spin-off proposal to the Hong Kong Stock Exchange pursuant to PN15 in relation to the Proposed Spin-off and the Hong Kong Stock Exchange has confirmed that the Company may proceed with the Proposed Spin-off.

On 30 March 2023, JD Industrials, through its Joint Sponsors, submitted a listing application form (Form A1) to the Hong Kong Stock Exchange to apply for the listing of, and permission to deal in, the JD Industrials Shares on the Main Board of the Hong Kong Stock Exchange.

It is currently proposed that the Proposed Spin-off will be effected by way of the Global Offering of the JD Industrials Shares, comprising the Hong Kong Public Offering and the International Offering. Upon completion of the Proposed Spin-off, the Company will continue to indirectly hold more than 50% of the shareholdings in JD Industrials and therefore JD Industrials will remain as a subsidiary of the Company.

Details in respect of the Proposed Spin-off, including the size and structure of the Global Offering, the extent of the decrease in shareholding percentage of the Company in JD Industrials, have not yet been finalised.

**The Proposed Spin-off is subject to, among other things, the obtaining of an approval from the Listing Committee of the Hong Kong Stock Exchange for listing of, and permission to deal in, the JD Industrials Shares, the completion of the filing with the China Securities Regulatory Commission for the listing and offering of JD Industrials Shares, and the final decisions of the Board and of the board of directors and shareholders of JD Industrials, as applicable. Shareholders and potential investors of the Company should be aware that there is no assurance that the Proposed Spin-off will take place or as to when it may take place. Shareholders and potential investors of the Company should therefore exercise caution when dealing in or investing in the securities of the Company.** 

Further announcement(s) will be made by the Company in relation to the Proposed Spin-off as and when appropriate.

**INTRODUCTION** 

This announcement is made pursuant to Part XIVA of the SFO, PN15 and Rule 13.09(2)(a) of the Listing Rules.

The Board is pleased to announce that the Company intends to spin-off JD Industrials by way of a separate listing of the JD Industrials Shares on the Main Board of the Hong Kong Stock Exchange. The Company submitted a spin-off proposal to the Hong Kong Stock Exchange pursuant to PN15 in relation to the Proposed Spin-off and the Hong Kong Stock Exchange has confirmed that the Company may proceed with the Proposed Spin-off.

On 30 March 2023, JD Industrials, through its Joint Sponsors, submitted a listing application form (Form A1) to the Hong Kong Stock Exchange to apply for the listing of, and permission to deal in, the JD Industrials Shares on the Main Board of the Hong Kong Stock Exchange.

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**INFORMATION ON JD INDUSTRIALS AND THE COMPANY** 

The Group is a leading supply chain-based technology and service provider.

JD Industrials was incorporated in the Cayman Islands on 5 November 2019. As at the date of this announcement, the Company, through its wholly owned subsidiary, held approximately 77.95% of JD Industrials' total issued share capital. JD Industrials is the leading industrial supply chain technology and service provider in China. Through transformational end-to-end industrial supply chain digitalization, JD Industrials helps its customers increase supply chain reliability, reduce costs, and enhance efficiency.

Following the completion of the Proposed Spin-off, JD Group will continue to operate, among others, online retail and marketplace e-commerce businesses offering a diverse range of products.

**PROPOSED SPIN-OFF** 

It is currently proposed that the Proposed Spin-off will be effected by way of the Global Offering of the JD Industrials Shares. Upon completion of the Proposed Spin-off, the Company will continue to indirectly hold more than 50% of the shareholdings in JD Industrials and therefore JD Industrials will remain as a subsidiary of the Company.

**REASONS FOR AND BENEFITS OF THE PROPOSED SPIN-OFF** 

The Board considers that the Proposed Spin-off will be beneficial to both the Company and JD Industrials for the following reasons, among others:

(i) the Proposed Spin-Off would enable investors to better value the
Company with its focus on JD Group business;

(ii) the Proposed Spin-off could better reflect the value of JD Industrials
Group on its own merits and increase its operational and financial transparency through which investors would be able to appraise and assess the performance and potential of JD Industrials Group separately and distinctly from those of JD Group;

(iii) JD Industrials Group's business would be appealing to an investor base that values high growth
opportunities in the industrial supply chain technology and services business, different from the relatively more diverse business model of JD Group;

(iv) the value of JD Industrials Group is expected to be enhanced through the Proposed Spin-off, which will in turn benefit the Company as one of JD Industrials' Controlling Shareholders, given that a listing on the Hong Kong Stock Exchange will (a) enhance JD Industrials Group's
standalone profile, which will help accelerate its business growth; (b) enable JD Industrials Group to directly and independently access both equity and debt capital markets in the future on a stand-alone basis should the need arise, as well as
further enhance JD Industrials Group's ability to secure bank credit facilities; (c) lead to a more direct alignment of JD Industrials Group's management's responsibilities and accountability with JD Industrials Group's
operating and financial performance; and (d) provide clarity of the credit profile of JD Industrials Group for rating agencies and financial institutions that wish to analyze and lend against the credit of the industrial supply chain technology
and services business; and

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(v) with JD Industrials as a separated listed entity, the Company can fully focus on, and deploy its financial
resources towards, the development of JD Group's business without needing to consider JD Industrials Group's funding requirements.

**WAIVER FROM STRICT COMPLIANCE WITH PARAGRAPH 3(F) OF PN15** 

Paragraph 3(f) of PN15 requires a listed company contemplating a spin-off to have due regard to the interests of its existing shareholders by providing them with an assured entitlement to shares in the spun-off entity, either by way of a distribution in specie of existing shares in the spun-off entity or by way of preferred application in any offering of existing or new shares in the spun-off entity.

The Company applied for, and the Hong Kong Stock Exchange has granted, a waiver (the "Waiver") from the requirement that the Shareholders be provided an assured entitlement to JD Industrials Shares (as set out in paragraph 3(f) of PN15) on the basis that: (i) the Company is primarily listed on the Nasdaq and only has a secondary listing on the Hong Kong Stock Exchange, (ii) the Company is not subject to a similar requirement under applicable U.S. laws and Nasdaq rules or its articles of association, (iii) the low feasibility of the Company giving assured entitlement by way of distribution in specie or by way of preferred application in any offering of JD Industrials Shares, as U.S. securities laws would require JD Industrials to conduct a public offering in the United States and file a registration statement with the SEC under the U.S. Securities Act among other procedures that would be unduly burdensome, (iv) the majority of the Company's trading volume and activity takes place outside of Hong Kong, (v) the Proposed Spin-off is not material to the Company with reference to the Company's market capitalization, and (vi) small and odd lots will be issued to shareholders of the Company in the event of assured entitlement.

In light of the above, the Board considers that the Proposed Spin-off and the Waiver are fair and reasonable and in the interests of the Company and its Shareholders as a whole.

**LISTING RULES IMPLICATIONS** 

Details in respect of the Proposed Spin-off, including the size and structure of the Global Offering, the extent of the decrease in shareholding percentage of the Company in JD Industrials, have not yet been finalised. It is expected that the Proposed Spin-off, if materialises, will not affect the Company's eligibility or suitability as a secondary listed issuer on the Hong Kong Stock Exchange under Chapter 19C of the Listing Rules.

**GENERAL** 

A redacted version of the application proof of JD Industrials' listing document submitted to the Hong Kong Stock Exchange is expected to be available for download on the Hong Kong Stock Exchange's website at <u>http://www.hkexnews.hk/APP/SEHKAPPMainIndex.htm</u>.

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**The Proposed Spin-off is subject to, among other things, the obtaining of an approval from the Listing Committee of the Hong Kong Stock Exchange for listing of, and permission to deal in, the JD Industrials Shares, the completion of the filing with the China Securities Regulatory Commission for the listing and offering of JD Industrials Shares, and the final decisions of the Board and of the board of directors and shareholders of JD Industrials, as applicable. Shareholders and potential investors of the Company should be aware that there is no assurance that the Proposed Spin-off will take place or as to when it may take place. Shareholders and potential investors of the Company should therefore exercise caution when dealing in or investing in the securities of the Company.** 

Further announcement(s) will be made by the Company in relation to the Proposed Spin-off as and when appropriate.

**DEFINITION** 

In this announcement, unless the context otherwise requires, the following expressions have the following meanings:

---

| | |
|:---|:---|
| **Term** | **Definition** |
| "Board" | the board of directors of the Company |
| "Company" | JD.com, Inc., a company incorporated in the BVI on November 6, 2006 and subsequently redomiciled to the Cayman Islands on January 16, 2014 as an exempted company registered by way of continuation under the laws of the Cayman Islands and the shares of which are listed on the Main Board of the Hong Kong Stock Exchange (stock code: 9618) under Chapter 19C of the Listing Rules and the American Depositary Shares (each representing two Class A ordinary shares) of which are listed on Nasdaq under the symbol "JD" |
| "Controlling Shareholder(s)" | has the meaning ascribed to it under the Listing Rules |
| "Global Offering" | the Hong Kong Public Offering and the International Offering |
| "Group" | the Company and its subsidiaries and consolidated affiliated entities (including the JD Industrials Group) |
| "Hong Kong" | the Hong Kong Special Administrative Region of the People's Republic of China |
| "Hong Kong Public Offering" | the offer of the JD Industrials Shares for subscription by the public in Hong Kong |

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| | |
|:---|:---|
| "Hong Kong Stock Exchange" | The Stock Exchange of Hong Kong Limited |
| "International Offering" | the placing of the JD Industrials Shares to professional and institutional investors |
| "JD Industrials" | JINGDONG Industrials, Inc. (京東工業股份有限公司) (formerly known as JD Industrial Technology Inc.), an exempted company with limited liability incorporated in the Cayman Islands on November 5, 2019 |
| "JD Industrials Group" | JD Industrials and its subsidiaries and consolidated affiliated entities from time to time, including where the context otherwise requires, any companies and businesses transferred to JD Industrials Group as part of its reorganization in preparation for the Proposed Spin-off (as the case may be) |
| "JD Industrials Shares" | ordinary shares with a par value of US$0.0000005 each in the share capital of JD Industrials |
| "JD Group" | the Group excluding the JD Industrials Group |
| "Joint Sponsors" | Merrill Lynch (Asia Pacific) Limited ("**BofA Securities**"), Goldman Sachs (Asia) L.L.C. ("**Goldman Sachs**") and Haitong International Capital Limited ("**Haitong**") |
| "Listing Rules" | the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange |
| "PN15" | Practice Note 15 of the Listing Rules |
| "Proposed Spin-off" | the proposed spin-off of JD Industrials by way of a separate listing of the JD Industrials Shares on the Main Board of the Hong Kong Stock Exchange |
| "SEC" | the Securities and Exchange Commission of the United States |
| "SFO" | the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) |
| "Shareholders" | the shareholders of the Company |
| "subsidiary(ies)" | has the meaning ascribed to it under the Listing Rules |

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"U.S. Securities Act" United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder

By Order of the Board of Directors<br> **JD.com, Inc.**<br> **Mr. Richard Qiangdong Liu**<br> *Chairman of the Board of Directors*<br>

Hong Kong, 30 March 2023

*As at the date of this announcement, our board of directors comprises Mr. Richard Qiangdong LIU as the chairman, Mr. Lei XU as the executive director, Mr. Ming HUANG, Mr. Louis T. HSIEH, Mr. Dingbo XU, Ms. Caroline SCHEUFELE and Ms. Carol Yun Yau LI as the independent directors*