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NetEase Starts $2.6 Billion Hong Kong Secondary Listing

By Denise Jia / Jun 02, 2020 05:35 AM / Business & Tech

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Chinese online gaming company NetEase kicked off its secondary listing in Hong Kong to raise about $2.6 billion, based on a term sheet seen by Caixin.

This would be the biggest stock offering in Hong Kong so far this year, but it is likely to be overtaken by Chinese online shopping service JD.com Inc.’s planned $3 billion sale a week later.

According to the term sheet, NetEase plans to sell 171.48 million ordinary shares at a maximum offer price of HK$126 ($16.25) per share. The company’s American Depositary Shares (ADS) are currently listed in New York. Each ADS represent 25 ordinary shares.

NetEase plans to price the offering Friday with the shares set to start trading June 11. The proceeds are earmarked mainly for global expansion as well as pursuing innovation and general corporate purposes.

The U.S. Senate last month approved a bill that could force Chinese companies to delist from American stock markets if they fail to comply with the country’s regulatory audits for three consecutive years. The measure hasn’t cleared the House of Representatives.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

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