JD Health International Inc shares rose as much as 46.5per cent above the issue price in their Hong Kong trading debut on Tuesday, following an initial public offering that was the city's largest of 2020.
The company sold the shares at HKUS$70.58 each to raise US$3.48 billion. The stock opened at HKUS$94.50 before rallying to as high as US$HK103.3, becoming Hong Kong's most actively traded stock by turnover early in the session. "Once the stock moves into the tech index, then index funds have to buy it no matter what they think of the company so investors are taking advantage of the likely move now."
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