Commuters walk past an advertisement for JD.com Inc. at a subway station in Beijing, China, on … [+]
© 2021 Bloomberg Finance LP
Shares in “pre-used” consumer electrics platform AiHuiShou soared by 23% on their Nasdaq debut on Friday, the latest in a string of largely successful IPOs backed by China e-commerce heavyweight JD.com.
AiHuiShou, which is 32% owned by JD, closed at $17.21, after raising $227 million at $14 a share in its offering this month amid investor optimism about growth prospects and consumer spending in China, the world’s second-largest economy. GDP rose by 18% year-on-year in the first quarter amid a continuing recovery from the Covid pandemic.
Investors eyeing stock returns have been shrugging off vitriolic political rhetoric between Washington and Beijing amid sparring on geopolitical issues. Shares in large Internet businesses including Alibaba, however, have…
