Hong Kong: Stocks rise at open, JD Logistics gained more than 14%
Tiger Newspress2021-05-28
(May 28) Hong Kong: Stocks rise at open. The Hang Seng Index added 0.36 per cent or 106.26 points to 29,219.46.
JD Logistics surged 14.1% in the opening moments of its Hong Kong debut on Friday.
Shares of JD Logistics, the logistics arm of Chinese e-commerce giantJD.com, soared on Friday as the company debuted on the Hong Kong Stock Exchange.
JD Logistics surged 14.1% in the opening moments of its Hong Kong debut on Friday.
The unit's vast network of warehouses and delivery workers in China have given JD a competitive edge against its rivalAlibaba, as the Beijing-based company can deliver products to millions of customers within the same day, or the next.
JD Logistics raised $3.2 billion in its initial public offering afterpricing its sharesat40.36 Hong Kong dollarseach, at the lower end of the expected range.
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