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Hong Kong Bourse in Talks With Ctrip, Netease for New Listings

By Han Wei / Jan 03, 2020 04:44 AM / Business & Tech

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The Hong Kong stock exchange is in talks with two more mainland tech giants about possible secondary listings similar to Alibaba’s $13 billion offering last year, Bloomberg reported.

Hong Kong Exchanges & Clearing Ltd. is in follow-up talks with U.S.-listed Trip.com Group Ltd. and Netease Inc. about the possibility of a secondary share sale, the report said, citing unnamed sources. The discussions are preliminary and subject to change.

The move followed last year’s offering by New York-listed Alibaba Group Holding Ltd., which set a record as Hong Kong’s largest equity offering since 2010.

The Hong Kong market operator said it expects more mainland companies to consider new listings in the city amid tensions between China and the U.S., which has led to increased American scrutiny of Chinese businesses.

Trip.com Group, formerly known as Ctrip, is China’s biggest online travel service provider. Netease is the country’s second-biggest gaming company.

Alibaba’s blockbuster listing helped Hong Kong to secure the top ranking in global initial public offerings in 2019 with total fundraising of HK$310.5 billion ($39.86 billion). But the figure may drop as much as 27% in 2020 to HK$230 billion amid continued social unrest, PwC estimated Thursday.

“More U.S.-listed Chinese concept stocks will come back to Hong Kong in 2020,” Benson Wong, a partner at PwC.

Contact reporter Han Wei (weihan@caixin.com)

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