JD Logistics Gains on Debut After $3.2 Billion Hong Kong IPO
- Float is Hong Kong’s second-largest this year, after Kuaishou
- Shares were priced at the low end of the marketed range
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JD Logistics Inc. rose as much as 18% on its first day of trading after raising $3.2 billion in Hong Kong’s second-largest initial public offering this year.
Shares of the delivery arm of Chinese e-commerce giant JD.com Inc. climbed to as high as HK$47.75 in Hong Kong on Friday, before giving up some of their gains. The stock had been priced at HK$40.36, the lower end of its offered range, fueling concern that demand for new listings in the Asian financial center has cooled after the blockbuster coming-out party of Kuaishou Technology earlier this year. JD.com was little changed.