JD Logistics rallies in Hong Kong debut
The company raised $3.1 billion by selling a portion of the unit to outside investors
Stocks impacted: JD Logistics Inc (2618)
The logistics arm of Chinese e-commerce giant JD.com rallied on Friday as the company debuted on the Hong Kong Stock Exchange. Shares surged more than 18% at one point before paring gains to 3.69% at the close. JD Logistics raised $3.1 billion (the second-largest in Hong Kong in 2021) by selling a portion of the unit to outside investors. With the stock’s strong debut, JD Logistics has a market value of around $36 billion. The company’s CEO Yu Rui said the scrutiny by regulators would bring it more opportunity as it was differentiating itself by spending on technology. JD Logistics posted a two-thirds jump in first-quarter 2021 revenue to $3.52 billion.
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