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 lift cash within the monetary hub.
Trip.com, which is presently listed on the Nasdaq within the U.S., didn’t disclose the variety of shares it is going to problem nor the value they are going to listing 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 companies 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 companies and carries the specter of delisting for those who fall foul of the principles.
A secondary listing in Hong Kong could possibly be a technique to hedge in opposition to this menace.
Trip.com has felt the influence 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 web 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.