JD Logistics shares soar 14 per cent in Hong Kong debut
JD Logistics’s shares soared 14 per cent in their stock market debut on Friday, a strong start for what is only the third mega listing in Hong Kong so far this year.
Shares of the subsidiary of Chinese e-commerce company JD.com opened at HK$46.05 compared to the HK$40.36 price in their initial public offering (IPO). The city’s benchmark Hang Seng Index was up 0.36 per cent.
JD Logistics raised $3.2 billion in its IPO, the second largest in Hong Kong in 2021 and only the third to raise more than $1 billion in the city this year.
The other two were Kuaishou Technology, which leapt 161 per cent on debut in January, and Linklogis Inc, which gained 9.9 per cent in April on opening day.
With the stock’s strong debut on Friday, JD Logistics has a market value of around $36 billion.
- Reporting by Donny Kwok and Scott Murdoch in Hong Kong; Editing by Jacqueline Wong and Muralikumar Anantharaman, of Reuters.