Shares in Chinese ecommerce company JD.com have rocketed in their debut on the Nasdaq stock exchange in the US.
The firm is trading under the symbol JD and its stocks rose by around ten per cent for the day.
JD.com stated that it raised $1.8 billion (£1.1 billion) as a result of the initial public offering (IPO). After shares in the business were priced at $19 at the start of trading on Thursday (May 22nd), they ended at $20.90.
"The momentum seems to be moving in the right direction for Alibaba," Rett Wallace, chief executive of Triton Research, which analyses startup companies, told Reuters.
Alibaba is one of JD.com's rivals in the Chinese ecommerce market and the firm recently announced it will be floating on a US stock market by the end of the year.
The JD.com IPO is easily the largest by a Chinese firm to date, but investors will be keen to see if Alibaba can beat it.
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