Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Pompeo Hints At ‘Broader’ Ban on Chinese Apps After Trump’s Executive Orders Targeting TikTok and WeChat
Trending in China: Merchants and Netizens Forced to Pick Sides in Fight Between Delivery Firms
Baidu-Backed Video Streamer iQiyi Probed by U.S. Regulator After Short Seller’s Report
AI Unicorn SenseTime Is Said to Mull Hong Kong, China IPO
Huawei Copies Korean Rivals by Manufacturing Own Display Driver Integrated Chips
JOYY’s Livestreaming Revenue Up 40% in Second Quarter of 2020
Trending in China: ‘Mukbangs’ Under Fire in China Amid High Level Food Waste Campaign
Trending in China: How Will the Chinese Diaspora Survive a WeChat Ban In U.S.?
Online Platform JD.com Buys into Bricks and Mortar Convenience Store Chain
China Unicom Profits Rise in First Half, Stock Soars
ByteDance in Talks with Indian Conglomerate Over TikTok Amid Layoff Fears
Alibaba’s Zhang Yong Tops 2020 Forbes China Best CEOs List
Trending: Family Feud Raises Big Questions Over Succession in China’s Multi-Million “Family” Businesses
Shanghai-Listed Foxconn Internet’s Cloud Service Sales Up 4% in First Half of 2020
U.S.-Listed Chinese Companies Nio and Huya Have Something to Cheer About
Apple Edges Huawei Out of No. 1 in Quarterly Tablet Shipments
Chinese Finance Platform Lufax Files for U.S. IPO of up to $3 Billion
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability
Trending in China: Tencent – Fighting Youth Unemployment or Enemy of Older Workers?
Tencent Pushes for Merger That Would Create $10 Billion Chinese Twitch
NetEase Shares Jump Sharply in Hong Kong Debut

By Ding Yi / Jun 11, 2020 04:28 PM / Finance

NetEase’s shares jumped more than 6% in their trading debut in Hong Kong on Thursday, in a sign of investors’ strong interest in the gaming giant, the second major U.S.-listed Chinese tech company after Alibaba to do a secondary listing in the financial hub.

Shares opened at HK$133 ($17) each, more than 8% higher than the offering price of HK$123 NetEase set over the weekend.

NetEase, which went public on Nasdaq in 2000, issued about 171 million new ordinary shares in an effort to raise HK$21.09 billion, which will be used to bankroll global expansion, pursue innovation and for general corporate purposes.

Affected by the Covid-19 pandemic, the Guangzhou-based company held a virtual bell ringing ceremony, where NetEase founder and CEO Ding Lei hailed the Hong Kong listing as a “new start” for the company. “We will bring more value to our massive number of users by persistently gathering strength from people, passion and innovation,” he said.

NetEase got a lot of love from Hong Kong’s retail investors, being oversubscribed by a massive 360 times prior to Thursday’s trading.

The company’s move to list in Hong Kong comes as the U.S. is seeking legislation that may lead to the delisting of Chinese companies from American stock exchanges.

In May, the U.S. Senate cleared the Holding Foreign Companies Accountable Bill, which may ban a company’s securities from U.S. bourses if the Public Company Accounting Oversight Board is unable to conduct an audit for three consecutive years. To go into effect, the measure needs approval by the House of Representatives and the signature of President Donald Trump.

The potential risks of the bill were highlighted in a stock filing by Nasdaq-traded Chinese e-commerce giant JD.com, which is also making preparations for a secondary listing in Hong Kong, which is expected to raise as much as HK$31.4 billion.

Liu Yanfei contributed to this report.

Contact reporter Ding Yi (yiding@caixin.com)

Related: JD.com Warns of Risks in American Legislation That Could Force Chinese Delistings


Share this article
Open WeChat and scan the QR code