By Gina Lee
Investing.com – Chinese e-commerce giant JD.com (NASDAQ:JD) was the latest HKSE entrant to receive a warm welcome to the HKSE.
JD shares jumped 5.8% on their first day of trading, opening at HK$239 ($30.8375) each. The shares priced at HK$226 each earlier in the week, raising $3.9 billion for the company in the Hong Kong share sale.
The debut concludes a successful outing for JD.com, the latest major Chinese firm to seek a secondary listing in Hong Kong after the U.S. tightened scrutiny on foreign firms listed in the U.S. which could lead to some de-listings. JD listed on the Nasdaq board in 2014.
Other Chinese companies who have also completed secondary listings in Hong Kong include JD rival Alibaba (NYSE:BABA) in 2019, and internet giant NetEase (NASDAQ:NTES) the week before. NetEase saw its shares soar up to 10% in its debut.
The company said in a statement that it will use the funds to “invest in key supply chain based technology initiatives to further enhance customer experience while improving operating efficiency...the supply chain-based technologies can be applied to the Company’s key business operations including retail, logistics, and customer engagement.”