On Friday, shares of JD Logistics surged as much as 18.3% on their first day of trading on the Hong Kong Stock Exchange, valuing the distribution arm of Chinese online retailer JD.com at $34 billion.

The IPO that raised $3.2 billion was Hong Kong’s second-largest listing of the year and bright spot for the city’s bourse after several first-day flops.

And for the sprawling JD.com empire—referred to as ‘China’s Amazon’—the IPO was the third blockbuster public listing in less than 12 months.

Like its U.S. peer, JD.com has amassed e-commerce power by building its own in-house, country-wide delivery infrastructure; the logistics business was spun off into a separate entity in 2017.

Source: JD Logistics’ shares surge after HK’s second-largest listing of the year | Fortune