HONG KONG, May 28 (Xinhua) -- JD Logistics, Inc., the delivery arm of e-commerce giant JD.com, started trading on the Hong Kong stock market on Friday.
Shares of the company opened at 46.05 Hong Kong dollars (nearly 6 U.S. dollars), up from its offer price of 40.36 Hong Kong dollars.
Its public offering was oversubscribed more than 715 times by local retail investors, and nearly 11 times by international buyers. JD Logistics is expected to raise 24.11 billion Hong Kong dollars, which will be used for upgrading and expanding logistics networks, developing supply chain technologies, and general corporate purposes, among others.
A private report said JD Logistics is the largest player in terms of total revenue in China's integrated supply chain logistics services industry with a market share of 2.7 percent in 2020.
In 2020, it served more than 190,000 corporate customers across a wide array of industries, including fast-moving consumer goods, apparel, home furniture, and fresh produce, according to its prospectus.
The revenue of the company was 37.9 billion yuan (nearly 6 billion U.S. dollars) in 2018, 49.8 billion yuan in 2019, and 73.4 billion yuan in 2020. It posted net losses of 2.8 billion yuan, 2.2 billion yuan and 4 billion yuan in 2018, 2019 and 2020, respectively. (1 U.S. dollar equals 7.76 Hong Kong dollars, 6.38 Chinese yuan)