JD Logistics soars in Hong Kong debut, valuing it at $34 billion

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By Scott Murdoch and Sophie Yu
HONG KONG/BEIJING (Reuters) -JD Logistics Inc surged on debut, giving the Chinese delivery and warehousing firm a $34 billion stock market value and providing a strong start on Friday for Hong Kong's second-largest listing this year.
Shares of the company, spun out from Chinese e-commerce firm JD.com, rose as much as 18.3% compared to the initial public offering (IPO) price. By early afternoon, they were up 9%, against the broader market's 0.6% gain.
JD Logistics' stock gains come after it priced its $3.2 billion IPO closer to the lower end of an indicated range.
Its listing is being watched closely as an indicator of appetite for big IPOs in Hong Kong and of companies closely connected to China's internet economy, which is facing antitrust scrutiny.
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