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JD Logistics, the delivery arm of the Chinese e-commerce giant, gains in its I.P.O. -

JD Logistics, the delivery arm of the Chinese e-commerce giant, gains in its I.P.O.


JD Logistics, a supply chain unit of, the big Chinese internet retailer, raised more than $3.1 billion in a share listing in Hong Kong on Friday, the latest Chinese company to raise money in a record-breaking year for the city’s stock exchange.

Investors were watching the initial public offering to gauge whether there was still an appetite for splashy debuts by Chinese internet companies at a time when the technology industry is facing intense regulatory scrutiny from Beijing.

The scrutiny did not appear to bother traders, who sent the stock up by as much as 18 percent during its first day of trading on the Hong Kong stock exchange. But the stock pared most of those gains during the session, and closed 3.3 percent higher than its listing price, at 41.70 Hong Kong dollars, or $5.37.


The offering by JD Logistics, which helps provide same-day and next-day delivery for tens of thousands of counties and towns in China, valued the company at $4 billion, making it the third-largest share offering in Hong Kong this year.

Beijing has imposed record fines on some of China’s biggest internet companies like Alibaba as regulators try to tame the power and anticompetitive nature of the country’s most popular and ubiquitous technology companies.

On Friday, Yu Rui, the chief executive of JD Logistics, addressed the regulatory scrutiny and said the company would use the money it had raised to improve its ability to serve smaller cities and pursue overseas markets.


Some of the company’s biggest shareholders are Blackstone, the Wall Street private equity firm; Temasek, Singapore’s sovereign wealth fund; and the hedge funds Tiger Global and Oaktree.

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