Apr 19, 2021 07:28 PM
BUSINESS & TECH Shares Jump More Than 4% in Hong Kong Debut

What’s new: Shares of leading Chinese travel agent rose 4.55% in their Hong Kong trading debut on Monday, complementing their existing New York listing on the Nasdaq.

The company priced its Hong Kong shares at HK$268 ($34.50). The stock opened up nearly 5% at HK$281, before settling down to its closing level.

The company raised a net HK$8.3 billion through the listing, with 7% of shares sold to retail investors and the rest going to international buyers.

Why it’s important: The IPO was just the latest in an increasingly busy pipeline of major U.S.-traded Chinese internet companies making concurrent listings in Hong Kong. made its original Nasdaq listing back in 2003, at which time it was called

E-commerce giant Alibaba Group Holding Ltd. was the first internet major to make such a concurrent listing, and has since been joined by the likes of Inc., NetEase Inc. and most recently search giant Baidu Inc. and online video company Bilibili Inc.

Dual listings make a company’s shares easily accessible to both Western and Asian investors, including those in China. They also allow for near round-the-clock trading. Some also see the newer Hong Kong listings as a hedge against potential future tensions between China and the U.S., with Washington increasingly scrutinizing Chinese companies listed in New York.

Related: Brings Its Shares Home With $1.3 Billion Hong Kong IPO

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

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