Chinese vacation web site Excursion.com information for Hong Kong secondary listing
Excursion.com has submitted for a secondary listing in Hong Kong. The Chinese travel booking web site is previously stated on the Nasdaq in the U.S.
Rafael Henrique | SOPA Visuals | LightRocket | Getty Photos
GUANGZHOU, China — Chinese travel booking web-site Trip.com has filed for a secondary listing in Hong Kong, next other large profile names like Alibaba and Baidu, to increase income in the fiscal hub.
Excursion.com, which is at this time detailed on the Nasdaq in the U.S., did not disclose the variety of shares it will issue nor the selling price they will list for. That is typically determined some time immediately after the first submitting in Hong Kong.
JPMorgan, CICC and Goldman Sachs will be the joint sponsors of the secondary listing.
A quantity of U.S.-listed Chinese know-how corporations have completed secondary listings in Hong Kong which include Alibaba, JD.com, Baidu and Bilibili. Continuing tensions between the U.S. and China have threatened to hit foreign companies stated on U.S. exchanges.
Final thirty day period, the U.S. Securities and Exchange Commission adopted a regulation which improves the auditing necessities for Chinese firms and carries the risk of delisting for individuals that fall foul of the rules.
A secondary listing in Hong Kong could be a way to hedge from this threat.
Vacation.com has felt the impact of the coronavirus pandemic which has place the brakes on world wide travel as authorities levied limitations in an try to have the spread of the virus.
The company’s internet earnings for 2020 was 18.3 billion yuan ($2.8 billion), a 49% 12 months-on-12 months drop.
However, U.S.-shown shares of Trip.com have surged additional than 60% over the very last 12 months as domestic travel carries on to bounce back again in China and anticipation builds for an opening up of international flights.
