Shares of Tencent-backed J&T Global Express edged lower early in their trading debut in Hong Kong, coming after the Chinese logistics company raised US$501 million in an initial public offering to fund expansion in Southeast Asia and other markets.

Shares of the Shanghai-based company were last at 11.86 Hong Kong dollars in midmorning trade Friday, down 1.2% from their IPO pricing of HK$12.00.