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Trending in China: One of China’s Weirder Poverty Alleviation Programs Goes Viral with 100m Plus Views May Seek Secondary Listing in Hong Kong in May or June

By Yuan Ruiyang, Qu Yunxu and Ding Yi / Mar 17, 2020 05:28 PM / Business & Tech

Photo: VCG

Photo: VCG

Online retailer is mulling a secondary listing in Hong Kong in May or June, joining the ranks of overseas-listed Chinese companies with plans to dual list in the former British colony, a source with knowledge of the matter told Caixin.

The Beijing-headquartered company has selected Citibank, UBS and CLSA as the lead underwriters for the listing, the source said. UBS was one of the investment banks underwriting's 2014 IPO in New York.

The offering size would not be determined until mid-April amid uncertainties over the current market volatility, the source added.

According to Hong Kong Stock Exchange rules, can file a confidential listing application with the bourse. declined Caixin’s request for comment.

Earlier this month, released its fourth-quarter earnings report, which showed that its quarterly revenue rose by 26.6% year-on-year to 170.7 billion yuan ($24.4 billion), beating consensus estimates of 167 billion yuan. The company’s adjusted net income of 811 million yuan also beat analysts’ average estimate of 718 million yuan.

Market observers say that the success of Alibaba’s $12.9 billion secondary listing in Hong Kong last November could spur many other U.S.-traded Chinese firms including Baidu, NetEase and Ctrip to follow suit.

Contact reporter Ding Yi (

Related: Stock Jumps on Better-Than-Expected Earnings

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