(Bloomberg) -- China’s SF Holding Ltd.’s shares rose in their debut in Hong Kong on Wednesday after completing the second largest listing in the city this year.

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China’s biggest express-delivery firm’s stock climbed as much as 3.5% in early trading. The HK$5.83 billion ($749 million) offering is Hong Kong’s second largest this year after appliance maker Midea Group Co.’s $4.6 billion debut.

The deal came as sentiment shifted on Chinese equities following Beijing’s stimulus blitz in late September. Investor mood, however, has started souring again amid disappointment over further fiscal measures and Donald Trump’s US election win this month, which rekindled concerns on trade tensions.

SF is well known among investors and its valuation is not demanding, said Kenny Wen, head of investment strategy at KGI Asia Ltd. “Frankly speaking, 3.5% is still below our expectation. Originally we expected it can go up 5-8%.”

SF’s listing drew about $205 million from cornerstone investors, which agreed to hold shares for at least six months in exchange for guaranteed allocation. Backing for the offering also came from entities tied to Hong Kong property investors.

Founded in 1993 in the southern province of Guangdong, SF is the largest of a coterie of Chinese logistics players that rode the boom of online commerce over the past few years. In partnership with industry leaders like Alibaba Group Holding Ltd. and JD.com Inc., SF has grown into a full-fledged FedEx-like behemoth both at home and around the world.

The issue price stood at roughly a 25% discount to its share price in mainland China, before SF started taking orders from investors. Other listings expected in the coming year include those of condiment maker Foshan Haitian Flavouring & Food Co. and drugmaker Jiangsu Hengrui Pharmaceuticals Co., Bloomberg News reported.

The modest gain “might have been tempered somewhat by uncertainty stemming from US President-elect Trump’s latest plans to impose new tariffs on Chinese exports as well as the fragility of the mainland’s nascent economic recovery, ” said Bloomberg Intelligence transportation and logistics analyst Kenneth Loh.

Goldman Sachs Group Inc., Huatai Securities Co. and JPMorgan Chase & Co. were joint sponsors of the offering.