JD Logistics' Hong Kong stock market debut on Friday (May 28) got off to a roaring start.
Shares in the company, spun out from Chinese e-commerce firm JD.com, initially rose as much as 18%.
That valued the delivery and warehousing firm at $34 billion.
Hong Kong's second-largest listing this year is being watched closely as an indicator of appetite for big IPOs in the city.
Of particular interest are companies closely connected to China's internet economy, which is facing antitrust scrutiny.
But, speaking on Friday, JD Logistics' CEO said the company was confident that it could find opportunities amid the crackdown.
The firm, which gets about half of its revenue from JD.com, posted a two-thirds jump in first-quarter revenue this year to $3.5 billion.
But its gross profit slumped 73% due to the impact of the global health crisis.
As well as the cost of adding 60,000 workers to its headcount.