Trip.com has filed for a secondary listing in Hong Kong. The Chinese travel reserving site is already listed on the Nasdaq within the U.S.
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GUANGZHOU, China — Chinese travel reserving site Trip.com has filed for a secondary listing in Hong Kong, following different excessive profile names like Alibaba and Baidu, to boost cash within the monetary hub.
Trip.com, which is at present listed on the Nasdaq within the U.S., didn’t disclose the variety of shares it can subject nor the worth they may record for. That is normally decided a while after the preliminary submitting in Hong Kong.
JPMorgan, CICC and Goldman Sachs would be the joint sponsors of the secondary listing.
A number of U.S.-listed Chinese technology companies have done secondary listings in Hong Kong together with Alibaba, JD.com, Baidu and Bilibili. Continuing tensions between the U.S. and China have threatened to hit overseas corporations listed on U.S. exchanges.
Last month, the U.S. Securities and Exchange Commission adopted a law which will increase the auditing necessities for Chinese corporations and carries the specter of delisting for people who fall foul of the foundations.
A secondary listing in Hong Kong could possibly be a solution to hedge in opposition to this risk.
Trip.com has felt the affect of the coronavirus pandemic which has put the brakes on international travel as authorities levied restrictions in an try to comprise the unfold of the virus.
The firm’s internet income for 2020 was 18.three billion yuan ($2.eight billion), a 49% year-on-year fall.
Still, U.S.-listed shares of Trip.com have surged greater than 60% over the past 12 months as home travel continues to bounce again in China and anticipation builds for a gap up of worldwide flights.
