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China's e-commerce giant starts stock offering in Hong Kong

(Xinhua)    09:43, June 09, 2020

HONG KONG, June 8 (Xinhua) -- E-commerce giant started on Monday its stock offering in a secondary listing in Hong Kong, the third U.S.-listed Chinese company to do so following Alibaba and NetEase.

According to a prospectus, will issue 133 million shares, priced no more than 236 Hong Kong dollars per share, during the four-day subscription till Thursday to raise nearly 31 billion Hong Kong dollars (about 4 billion U.S. dollars). If the over-allotment option is exercised in full, the amount will rise to 35.65 billion Hong Kong dollars.

The company said it will use the capital raised in Hong Kong to invest in supply chain-based technology innovation, which will benefit its main business including retail and logistics., first going public on the Nasdaq in 2014, is set to begin trading on Hong Kong Exchanges and Clearing Limited (HKEX) on June 18.

The move came in an emerging wave of U.S.-listed Chinese companies turning to Hong Kong for a secondary listing. Alibaba made its debut in November, and NetEase will begin trading on Thursday.

HKEX Chief Executive Charles Li has predicted that many U.S.-listed companies will return to Hong Kong this year, which will boost IPOs in Hong Kong.

HKEX reformed its listing rules in 2018 to allow the listing of companies with weighted voting right structures and attract more new economy companies. The fund-raising of new economy companies on the exchange surpassed 300 billion Hong Kong dollars in the past two years.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: He Zhuoyan, Liang Jun)

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