JD Logistics shares soar 14% in Hong Kong debut

imageStock Markets25 minutes ago (May 27, 2021 10:26PM ET)

(C) Reuters. FILE PHOTO: A staff member wearing a face mask works at’s automated logistics center during a government organized tour on China’s Singles Day shopping festival in Beijing, China November 11, 2020. REUTERS/Thomas Peter

By Scott Murdoch and Donny Kwok

HONG KONG (Reuters) -JD Logistics Inc’s shares soared 14% 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 (NASDAQ: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%.

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% on debut in January, and Linklogis Inc, which gained 9.9% in April on opening day.

With the stock’s strong debut on Friday, JD Logistics has a market value of around $36 billion.

JD Logistics shares soar 14% in Hong Kong debut

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