Shares in the supply chain and delivery unit of Chinese ecommerce group JD.com rose 14 per cent on their debut after the company raised $3.1bn in one of Hong Kong’s largest stock offerings this year.
JD Logistics is a spin-off similar to US tech group Amazon’s logistics arm. The company delivers 90 per cent of packages on the same or next day for parent JD.com, its largest customer, but it is increasingly focusing on providing delivery and logistics services to third-party customers.
The initial public offering comes as the Chinese government steps up scrutiny of the country’s tech sector. Beijing-based JD Logistics’ market capitalisation reached about $36bn after trading began in Hong Kong on Friday.
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