Shares of Chinese online retailer rose 5.7% on Thursday, its first day of trading on the Hong Kong stock exchange.

Why it matters: is the third Chinese tech firm to launch a secondary listing on the Hong Kong exchange, following rival Alibaba in September and gaming giant Netease last week. It was one of the largest market debuts for a Chinese tech firm as well as for the Hong Kong market this year.

  • A secondary listing of the company’s core retail business is just a first step. JD is planning to take its affiliates public over the next two years, according to a source with knowledge of the matter.
  • More dual listings may on their way. Chinese search engine Baidu and online travel platform are reportedly gearing up for a Hong Kong IPO.

Details: shares opened at HK$239 ($30.8) on Thursday in Hong Kong, up from the offering price HK$226 per share.

  • The e-commerce giant said the IPO would raise HK$29.77 billion in net proceeds.
  • The company will use the proceeds to “invest in key supply chain based technology initiatives to further enhance customer experience while improving operating efficiency,” it said in a statement.
  • JD’s US shares closed up 1.7% in Wednesday trading.

Context: JD’s Hong Kong IPO falls on the 22nd anniversary of the company’s founding in Beijing on June 18, 1998. The anniversary is also one of China’s largest shopping extravaganzas, known as 618.

  • said in a filing to the Hong Kong bourse that the US government’s efforts to increase regulatory access to audit information could cause uncertainties, including delisting from the US markets.
  • The deal is hailed as a homecoming for the company against a backdrop of escalating tensions between China and the US and following a string of Chinese tech companies that have admitted accounting fraud or have had accusations leveled against them.

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via or Twitter.