Nasdaq-listed Chinese language journey website Journey.com information for Hong Kong secondary itemizing
Journey.com has filed for a secondary itemizing in Hong Kong. The Chinese language journey reserving website is already listed on the Nasdaq within the U.S.
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GUANGZHOU, China — Chinese language journey reserving website Journey.com has filed for a secondary itemizing in Hong Kong, following different excessive profile names like Alibaba and Baidu, to boost cash within the monetary hub.
Journey.com, which is at the moment listed on the Nasdaq within the U.S., didn’t disclose the variety of shares it’ll situation nor the value they are going to checklist for. That’s often decided a while after the preliminary submitting in Hong Kong.
JPMorgan, CICC and Goldman Sachs would be the joint sponsors of the secondary itemizing.
Numerous U.S.-listed Chinese language expertise firms have completed secondary listings in Hong Kong together with Alibaba, JD.com, Baidu and Bilibili. Persevering with tensions between the U.S. and China have threatened to hit international companies listed on U.S. exchanges.
Final month, the U.S. Securities and Trade Fee adopted a regulation which will increase the auditing necessities for Chinese language companies and carries the specter of delisting for those who fall foul of the foundations.
A secondary itemizing in Hong Kong might be a strategy to hedge towards this menace.
Journey.com has felt the affect of the coronavirus pandemic which has put the brakes on international journey as authorities levied restrictions in an try to include the unfold of the virus.
The corporate’s internet income for 2020 was 18.three billion yuan ($2.eight billion), a 49% year-on-year fall.
Nonetheless, U.S.-listed shares of Journey.com have surged greater than 60% over the past 12 months as home journey continues to bounce again in China and anticipation builds for a gap up of worldwide flights.