JD.com has successfully raised $4 billion (£3.2 billion) in its secondary listing in Hong Kong, marking the world’s second largest share sale this year.
The Chinese ecommerce giant’s shares jumped nearly six per cent on their first day of trading, after opening at 239 HK dollars (£24.63) per share, above the 226 HK dollars (£23.29) it had originally priced shares at for its secondary listing.
JD.com said it would invest the capital in “key supply chain based technology initiatives” helping improve customer experience and efficiency.
The listing coincides with the retailer’s annual Anniversary Sales festival, which last year smashed previous sales records raking in $29.2 billion (£23.2 billion).
Its listing marks the latest big Chinese player to shun US stock exchanges and favour more domestic markets as trade tensions between the US and China rise.
Alibaba, JD.com’s larger ecommerce rival, also launched a secondary listing in Hong Kong last year, raising a whopping $13 billion, while gaming firm NetEase raised $2.7 billion in a stock market debut last week.
Tensions between Beijing and the Trump administration have also been rising since Chinese company Luckin Coffee, which trades on NASDAQ, was embroiled in an accounting scandal which involved £250 million in fake transactions.
The wake of the scandal has seen law makers pursue bills which could block Chinese companies from listing on US-based exchanged.