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Shares of JD Health have surged 34% above the issue price in Hong Kong's biggest share market debut of 2020.

JD Health is the online pharmaceutical and healthcare spinoff of China's second-biggest online retailer

The stock opened at HK$94.50 (£9.13 ; $12.19), well above the list price of $9.11.

The company raised $3.48bn and was valued at $29bn ahead of its trading debut. will still retain a majority stake in JD health, which will remain a subsidiary of the e-commerce giant.

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The company hopes to cash in on China's large and growing market for health services and pharmaceuticals.

According to the consultancy Frost and Sullivan, China is the world's second-largest market for health care, reaching $998bn in 2019.