(Bloomberg) -- JD.com’s shares soared in the US after two of its subsidiaries filed for Hong Kong initial public offerings on Thursday, paving the way for some of the year’s biggest debuts by a Chinese tech company.

Jingdong Property Inc. and Jingdong Industrials Inc. submitted listing applications to the Hong Kong Stock Exchange, according to separate statements. The firms didn’t disclose fundraising amounts, valuations or prices for the shares. JD.com would hold more than 50% of both companies after completion of the spinoffs, according to exchange filings.

The move comes days after larger rival Alibaba Group Holding Ltd. spurred anticipation for a revival of China’s tech IPO train. This week, it unveiled plans to split into six independent businesses, each of which can pursue funding and separate listings.

Read more: Alibaba Spinoff Plans Bring Hope to Hong Kong’s Tepid IPO Market

JD.com’s American depositary receipts jumped as much as 8.6% in New York, their biggest intraday advance since January. Alibaba also gained after Bloomberg reported that its logistics arm has started preparations for its Hong Kong listing.

The two are the latest Chinese companies choosing to tap the Hong Kong IPO market instead of a US listing. Increasing scrutiny of Chinese businesses in the US, combined with Beijing’s concern about data security for US-listed companies, has pushed a market decoupling between the world’s two biggest economies.

Still, debuts by Chinese firms have slumped in Hong Kong and overseas since 2021 as Beijing expanded a crackdown across tech spheres and industry groups ranging from online education to mobile gaming. IPO proceeds since January are 48% lower than at the same time last year, when they slumped 69% from 2021.

Read more: JD.Com’s Warehouse REIT Raises $259 Million, Lists on Shanghai Exchange

Operating independently since 2018, Jingdong Property’s business now covers 29 Chinese provincial-level regions. It also has 25 overseas infrastructure-related projects and manages industrial parks whose total area exceeds 20 million square meters, according to the company’s website. 

Jingdong Industrials specializes in industrial product supply and related technology and services. In 2022, the company provided services to over 100,000 industrial manufacturing plants in the fields of automobile, mechanical equipment, electronic product assembly and others. It also supported over 16,000 construction projects during the same period.

--With assistance from Rebecca Choong Wilkins and Henry Ren.

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