Shares in Chinese e-commerce company JD.com spiked in their market debut on Thursday, valuing the company at about $30.43 billion.
The stock opened at $21.75 on the Nasdaq, with heavy demand that may foreshadow investor appetite for larger peer Alibaba. The IPO was 15 times oversubscribed and priced above expectations.
This article originally appeared on Recode.net.
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