Thursday, 2024 February 29

CHINA BRIEF | to raise USD 3.9 billion in Hong Kong secondary listing

China’s e-commerce giant (NASDAQ: JD) will raise about HKD 30 billion (USD 3.9 billion) in a global offering of 133 million new class A ordinary shares, which comprises an international offering and a Hong Kong public offering, according to a company’s press release on Thursday. has priced each share at HKD 226, which translates to USD 58.32 per ADS. Following the announcement, closed at USD 57.26 on Thursday, down by 5.7% compared with one day earlier.

The company plans to use the net proceeds to “invest in key supply chain based technology initiatives to further enhance customer experience while improving operating efficiency.” added that supply chain based technologies can be applied to the company’s key business operations including retail, logistics, and customer engagement.’s shares will begin trading on the Hong Kong stock exchange on June 18, under the stock code “9618”.

Following a trend set by Alibaba (NYSE: BABAHKEX: 9988), 50 to 60 US-listed Chinese companies could return to list in Shanghai or Hong Kong in the coming 3 to 5 years, according to Song Yang, a researcher from investment bank China Renaissance.

Game developer NetEase made a solid debut on June 11 in Hong Kong under the ticker “9999.” The firm’s shares soared over 5.7% to close at HKD 130 per share.

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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