Saturday, 2024 February 24

CHINA BRIEF | to be traded in Hong Kong starting June 18 amid Nasdaq fears

Chinese e-commerce giant’s (NASDAQ: JD) Hong Kong initial public offering (IPO) kicked off on Monday, raising up to USD 4.6 billion, and it expects public trading to start on June 18, when it will be listed, according to an updated prospectus. It passed a listing hearing last Friday.

The company said in its filing to the Hong Kong Stock Exchange that it will be issuing 133 million new shares at a maximum price of HKD 236 (USD 30.45) each. Of all new shares, 6.65 million, or 5% of the total number, will be in Hong Kong and the remaining will be offered globally. The final price will be set on June 11.

On the first day of its Hong Kong IPO, it has been oversubscribed by at least 26 times by investors, marking investors’ confidence in the e-retailer, Hong Kong media outlet The Standard reported. Its stock in the Nasdaq closed at a record high USD 59.17 per share on June 8, sending the firm to a record-high market capitalization of USD 73.56 billion since its debut in 2014. turns to HKSE on the heel of the gaming company NetEase’s secondary listing. It warns a potential delisting from the Nasdaq board in the prospectus, citing the legal challenges to China-based, US-listed companies.

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.

Wency Chen
Wency Chen
Wency Chen is a reporter KrASIA based in Beijing, covering tech innovations in&beyond the Greater China Area. Previously, she studied at Columbia Journalism School and reported on art exhibits, New York public school systems, LGBTQ+ rights, and Asian immigrants. She is also an enthusiastic reader, a diehard fan of indie rock and spicy hot pot, as well as a to-be filmmaker (Let’s see).

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