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JD Logistics shares jumps in Hong Kong stock debut

Last Updated May 27, 2021 at 11:14 pm MDT

HONG KONG (AP) — JD Logistics’ shares jumped 14% in their trading debut Friday in Hong Kong.

The company is a subsidiary of Chinese e-commerce giant JD.com. It is the latest technology company to list in the semi-autonomous Chinese city as Beijing intensifies scrutiny of the technology sector.

The firm raised $3.1 billion in its initial public offering. That’s the second largest for this year in Hong Kong after short-video firm Kuaishou raised $5.3 billion.

Beijing recently has cracked down on China’s thriving internet industry, seeking to exert more control and curb anti-competitive behavior, with actions taken against companies including Alibaba, Tencent and Meituan.

Zen Soo, The Associated Press