Sunday, 2024 March 3

CHINA BRIEF | NetEase launches secondary Hong Kong IPO to raise USD 2.8 billion

On Monday, Nasdaq-listed Chinese gaming company NetEase (Nasdaq: NTES) announced the launch of its second offering in Hong Kong, in which it plans to sell 171 million new shares to raise up to USD 2.8 billion.

According to the company’s filing, the offering will comprise 5.2 million new shares under the Hong Kong offering and 166 million for the international offering.

NetEase’s deal will be Hong Kong’s largest listing so far this year, as per data cited by Reuters. The company plans to make its debut on the Hong Kong stock exchange on June 11 under the stock code HKSE: 9999. NetEase’s offering is already oversubscribed, according to Sina. 

The firm will set the international offer price by June 5, which will not exceed HKD 126 (USD 16.26) per share.

After Alibaba’s successful Hong Kong IPO, other major Chinese firms, such as e-commerce firm, search engine Baidu, and online travel agency are also reportedly seeking a secondary listing in Hong Kong, amid rising tensions between Beijing and Washington.

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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