JD Logistics shares gain in Hong Kong stock debut

HONG KONG (AP) — Shares in JD Logistics, the delivery subsidiary of China’s biggest online retailer have jumped as much as 18% in their first trading day as investors bet on more rapid growth for internet industries despite tighter regulatory control by Beijing. JD Logistics raised $3.1 billion in this year’s second-biggest biggest initial public offering in Hong Kong after a video service, Kuaishou, raised $5.3 billion. The company ended the day up 3.3%. It provides various services such as warehousing, last-mile deliveries and cold chain logistics. Its CEO Yu Rui told reporters funds from the IPO will go to expanding its logistics network and improving its services.