NetEase Is Said to Raise $2.7 Billion in Hong Kong Listing
- China’s No. 2 gaming firm priced offering at HK$123 apiece
- Debut is a triumph for Hong Kong during growing uncertainty
Sculptures of water buffaloes stand as pedestrians walk past an electronic ticker board and screens displaying stock figures outside the Exchange Square complex, which houses the Hong Kong Stock Exchange.
Photographer: Justin Chin/BloombergNetEase Inc. raised about HK$21 billion ($2.7 billion) in its Hong Kong stock offering, people with knowledge of the matter said, as Chinese companies grapple with rising tensions between Beijing and Washington.
China’s second-largest gaming company priced 171 million new shares at HK$123 each, equivalent to a 2% discount to its Thursday closing price on Nasdaq, said the people, who asked not to be identified as the information is private. That comes after investors subscribed for many times more than the total stock offered. The company earlier set a maximum price of HK$126. The shares are expected to start trading in Hong Kong on June 11.