Saturday, 2024 February 24

CHINA BRIEF | advances 3.5% in Hong Kong debut

Chinese e-commerce company (NASDAQ: JD) closed 3.5% higher on its first trading day on the Hong Kong Stock Exchange after raising USD 3.9 billion in its global offering of 133 million new class A ordinary shares.

JD’s secondary listing came shortly after gaming company NetEase (NASDAQ: NTES), whose shares surged 5.7% on its trading debut in Hong Kong on June 11 and after its rival Alibaba (NYSE: BABA), which was the first tech giant to launch a secondary listing last year.

These tech giants’ secondary listings come amid China-US tensions, which are now shifting the investment landscape. Last month, the US Senate passed a bill aimed to delist Chinese stocks from Nasdaq or New York Stock Exchange if they fail to adhere to US audit standards.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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