Why JD.com Stock Popped on Monday

Retail giant surges as crypto integration rumors swirl - traditional finance finally catching up?

The e-commerce behemoth smashed expectations with its latest quarterly earnings, sending shares soaring nearly 15% in Monday trading. Analysts point to stronger-than-expected consumer spending and margin expansion across core business segments.

Digital asset speculation fuels momentum

Whispers about potential blockchain integration in JD's supply chain operations sparked additional investor enthusiasm. The company's logistics arm continues to outperform competitors, with delivery efficiency metrics hitting record highs.

Traditional investors chasing crypto trends - because nothing says innovation like being three years late to the party. The stock's performance suggests mainstream finance might finally be warming to blockchain's potential, even if they still don't understand it.

IPO chatter

Reuters reported that JingDong Industrials (JDi) -- JD's supply chain and industrial technology arm -- aims to raise roughly $500 million in a Hong Kong listing for the IPO as soon as late October, with banks including,, Haitong,, and Huatai on the ticket.

Image source: Getty Images.

JDi posted 18.9% year-over-year revenue growth in the first half of 2025 and remains majority-owned by JD.com, so listing plans can sharpen the market's view of the parent company's sum-of-the-parts value and provide capital for expansion.

At the same time, U.S. stocks were broadly rising on Monday morning, with theandboth advancing, creating a supportive backdrop for large-cap tech and Chinese American depositary receipts. There may also be some lingering Optimism after an analyst upgrade late last week that boosted JD.com's rating and price target.

Valuation and the long view

Even with today's bump, JD.com's valuation remains undemanding relative to history and peers. Recent snapshots put the stock NEAR a price-to-earnings multiple of just 10 and a price-to-sales multiple of only 0.3, with market capitalization near $50 billion. That's not exactly rich for a scaled e-commerce operator with improving growth trends.

The near-term risk is execution -- both in core retail amid stiff competition and in unlocking value from non-retail assets like JDi. That said, if the industrial unit floats successfully and operating momentum holds, investors WOULD have more clarity -- and potentially a higher look-through valuation for the stock.

Overall, JD.com stock has improving fundamentals, but it is still priced for skepticism.