Posted inNews Feed

Xpeng debuts in Hong Kong

Chinese electric vehicle maker Xpeng debuted on the Hong Kong exchange on Wednesday in a secondary listing. The US-listed firm issued 85 million Class A ordinary shares at a price of HK$165 (around $21.2) each. The IPO is a “dual primary listing,” meaning the firm will be subject to rules and oversight of both US and Hong Kong regulators. [CNBC]

Posted inNews Feed

Bilibili to pursue dual-primary list in Hong Kong

Chinese video platform Bilibili has approved a motion on Wednesday to pursue the voluntary conversion to a dual-primary listing in Hong Kong. After the conversion, the company will remain as a dual-listed company on Nasdaq and the Hong Kong stock exchange. Hong Kong has become an increasingly popular option for US-listed Chinese tech stocks, considering international relations and regulatory uncertainty. Additionally, Bilibili could gain further funding through Hong Kong’s stock connection with mainland Chinese investors, according to Chinese financial media CLS. On Thursday, the company’s stock price on Nasdaq soared 47.56% as Chinese tech stocks recovered some ground after Beijing pledged to support economic stability the day before. [Bilibili, press release]

Posted inNews Feed

Shares of Nio close flat in Hong Kong debut

The stock price of Nio closed flat on its first day on the Hong Kong Stock Exchange today, as it joined a growing number of US-listed Chinese tech companies that have made secondary offerings in the city. Nio’s shares opened at HK$160 ($20.46) and increased by as much as 7.5% early in the day, before finishing at HK$158.9, giving the eight-year-old company a market valuation of $33.9 billion. The Shanghai-based EV maker did not raise new funds or issue new shares as part of the listing. Shares of fellow Chinese EV startups Xpeng Motors and Li Auto have dropped by 33% and 10%, respectively, since their Hong Kong listings. [Nio release]

Posted inNews Feed

Nio given go-ahead for a secondary listing in Hong Kong

Nio has been given approval from the Hong Kong stock exchange for a secondary listing scheduled for Mar. 10, joining Xpeng Motors and Li Auto, which are both listed in the US and Hong Kong. Morgan Stanley, Credit Suisse, and CICC are joint sponsors for the deal, as detailed in the company’s post-hearing information pack posted to the bourse’s website on Feb. 27. Xpeng announced its Hong Kong dual primary listing last July, and was followed by Li Auto’s one month later. [Nio release]

Posted inNews Feed

Didi shares slump as Hong Kong listing plan reportedly faces delay

Didi’s shares closed down by 44% to $1.89 on Friday amid reports that the company’s likely Hong Kong listing faces a delay due to uncertainty over regulatory approval, Bloomberg reported, citing people familiar with the matter. The ride-hailing giant has suspended work with its financial advisers after being told by China’s cyberspace regulator that its recent filings failed to meet the requirements on data security compliance, the report said. In December, Didi announced plans to sell shares in Hong Kong months after Beijing launched an investigation into the company following its US IPO. [Bloomberg]

Posted inNews Feed

NetEase restarts Hong Kong IPO for its music streaming business

Chinese gaming giant NetEase has restarted a Hong Kong listing plan for its online music streaming business Cloud Village Inc. The IPO is excepted to raise about $500 million before the end of this year, according to Reuters sources. In August, the company suspended the Hong Kong IPO plan amid an intense period of regulatory changes in the Chinese tech and other industries. [Reuters]