JD.com Stock Gains on Hong Kong Debut
While Chinese e-commerce company JD.com Inc finished a secondary listing, the company’s stock increased in value on its first day of trading in Hong Kong, according to The Wall Street Journal.
A secondary listing in Hong Kong provides the company with more listings closer to their home market. The news follows the rising tensions between the U.S. and China, including concerns about financial regulations and accounting standards.
Thursday saw JD.com shares rise 3.5 percent from 226 to 234 Hong Kong dollars (US$30.19). Meanwhile, the U.S. stock grew 76 percent this year, and the company’s American depositary receipts closed at a record high of US$62.01 on Wednesday.
Raising $3.9 billion in its Hong Kong stock sale, JD.com also has shareholders like Tencent Holdings Ltd. and Walmart Inc. JD reported an increase in sales totaling more than 239 billion yuan ($33.7 billion) from June through Thursday afternoon, a $5.3 billion increase from last year.