JD.com, China's second-largest e-commerce site debuted at the Nasdaq on Thursday, valuing the company at $30.43 billion after opening at $21.75 a share.
By noon in New York, the stock had traded 59 million shares and remained above $21 apiece. Underwriters priced the deal at $19 a share, above the expected range of $16 to $18, after the initial public offering was 15 times oversubscribed, according to CNBC sources.
JD.com has been unprofitable in recent years as it builds its own delivery infrastructure that stretches to rural areas of China. The company reported a net loss of $8 million on revenue of $11.5 billion in 2013, according to its prospectus. While the loss is narrowing, the lack of profit has drawn comparisons to U.S. e-retailer Amazon, which has been criticized for its razor-thin margins.