Chinese Gaming Company NetEase to Launch $2.5b Hong Kong Listing
by DealStreetAsia 2020-05-29
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source: Internet

Chinese game developer NetEase is set to kick off the sale of up to $2.5 billion in new shares in Hong Kong on Monday, in what would be the biggest stock offer in the city so far this year.

But NetEase’s offering is likely to be overtaken by that of Chinese online shopping service JD.com, which plans to seek up to $3 billion a week later.

NetEase will price its offering on Friday and make its Hong Kong debut on June 11, while JD.com would begin trading on June 18, people familiar with the transactions said. JD.com could raise about $3 billion, they said.

NetEase, which is valued at $49 billion on the Nasdaq Stock Market, is expected to invest the proceeds on expansion and other online services, such as music streaming and online education. Credit Suisse, China International Capital Corp. and JPMorgan Chase are among the lead arrangers for the offering.

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