It had been dismissed by some as a mere warm-up act for its bigger rival Alibaba Group, but the Chinese online retailer JD.com got a sweet welcome to America on Thursday, closing at $20.90 on the Nasdaq, a 10% pop above its initial public offering price.
The performance of the company’s American Depository Shares was better than expected, especially in the cautious current environment for internet IPOs.
That is being seen as positive news for the upcoming Alibaba IPO. The company has filed its registration paperwork with the Federal Trade Commission, and though no date has been set, the guesstimate based on the length of the review process places the opening date in early August at earliest.
