JD.com makes gains after IPO

JD.com (JD.NASDAQ) made gains on its first day of trading after a larger than expected initial public offering, Bloomberg reported. The e-commerce retailer gained 10% to US$20.90, after raising US$1.78 billion by selling the shares for US$19. Beijing-based JD.com handles much of its own logistics for package delivery, rather than providing the platform that connects buyers and sellers the way Alibaba does. JD.com’s larger-than-expected IPO shows American investors are hungry for China’s e-commerce market, which bodes well for Alibaba’s own IPO. Revenue from e-commerce is expected to grow 64% this year in China, as demand for retail items from its middle class grows.