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JD.com Shares Surge In Hong Kong Debut

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JD.com Shares Surge In Hong Kong Debut

The shares of JD.com Inc. (NASDAQ: JD) were trading 3.54% higher in its Hong Kong debut at press time on Wednesday.

What Happened

The Chinese e-commerce company had raised nearly $3.9 billion (HKD 30 billion) in its secondary public offering in the autonomous city last week, selling 133 million shares priced at $29.16 each.

JD.com shares were trading at approximately $30.27 in Hong Kong at press time.

The Alibaba Group Holding Ltd. (NYSE: BABA) competitor is listing in a secondary market against a backdrop of rising tensions between the United States and China.

The U.S. Senate last month passed a bill that threatens Chinese companies with delisting at the country's exchanges if they can't establish that they aren't owned or controlled by a foreign government.

Exchange desks, including the Nasdaq Stock Market, have also reportedly tightened listing rules for Chinese companies, in the aftermath of the Luckin Coffee (NASDAQ: LK) securities fraud discovery.

Price Action

JD.com shares closed nearly 1.7% higher in New York at $62.01 on Wednesday. The shares were down 0.3% in the after-hours session.

 

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