Caixin Global – Latest China News & Headlines

Home >


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.

Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Trending in China: Female Student Fights ‘Period-Shaming’ – Social Media Discusses the Pros and Cons
Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu
iQiyi to Create Genre-Specific Content to Meet Different Audience Demands
Gaw Capital Inks JV With Manbang Group to Develop Smart Logistics Properties in China
Tesla Recalls Nearly 50,000 U.S.-Made Cars in China over Suspension Problems
Fintech Giant Lufax’s U.S. IPO Could Raise $2.36 Billion
WeChat Judge Won’t Pause Temporary Order Blocking Trump Ban
Mongolia Delivers First Batch of Donated Sheep to China
Signs of Stormy Weather Ahead for One of China’s Largest Semiconductor Makers
Trending in China: Finding Pleasure in the Pain of Everyday Life – China’s Youth Mock Their Own Reality
‘Double 11’ Shopping Fest Faces Covid-19 Supply Chain Pressures
Trending in China: Scalpers Take Advantage of Lack of New iPhone 12s in Stock in China Expands Robot Delivery Service to New City
China Meets 5G Base Station Target 3 Months Early
China Unicom Revenue Growth Remains Flat as Subscribers Fall
Trending in China: Is Education To Blame For China’s Falling Fertility Rate?
Trending in China: Winning Fewer Games and More Battles? PLA Ends Sporting Tradition
China Calls Time on Chipmakers With No Experience, No Technology and No Talent
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, 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 (

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

Share this article
Open WeChat and scan the QR code