The biggest test yet of American investors’ appetite for a Chinese Internet company has passed with flying colors — and it doesn’t involve the Alibaba Group, that country’s e-commerce giant.
Instead, JD.com, an online retailer aspiring to become China’s answer to Amazon.com, exceeded expectations for its initial public offering on Wednesday, raising $1.78 billion.
“They’re basically directional bets on the Chinese consumer economy,” said Rett Wallace, the chief executive and co-founder of Triton Research.
