RANGE BOUND. JD.com’s (9618.HK) logistics unit is set to price its Hong Kong initial public offering towards the lower end of its stated range, Reuters reported read more , citing sources. The company will raise $3.16 billion in the city’s second-biggest float this year after selling shares for HK$40.36 ($5.20) each, compared to the offered range between HK$39.36 and HK$43.36. Bids were reported to have more than covered the shares on sale, suggesting strong demand that shouldn’t have required parent JD.com to leave $235 million on the table. What happened? Granted, rival delivery giant SF Holding (002352.SZ) is down 25% this year. But the stock’s 7% gain last week means it is unlikely to have softened pricing. More likely is JD Logistics’ (2618.HK) first-quarter numbers released recently: a 64% year-on-year jump in sales was offset by a collapse in gross margins to 1%, from 9% in 2020. That served as a reminder the company is still an unpredictable read more , if fast-growing, earner. (By Jennifer Hughes) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Procore market debut read more Bitcoin salaries read more UK’s retail surge papers over hidden nasties read more German tycoon’s heirs bail on Lufthansa bet read more Samsung heir has malformed pile of freedom chips read more