HONG KONG -- Investors rallied around Eastern Air Logistics on Wednesday, sending shares of the corporate sibling of China Eastern Airlines climbing by the maximum 44% allowed on their first day of trading on the Shanghai Stock Exchange.
The impressive debut, coming on the heels of JD Logistics' $3.16 billion initial public offering in Hong Kong two weeks ago, is a positive sign for Chinese freight companies in need of fresh capital to cope with soaring package volumes and a vicious price war.
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