NetEase, JD.com listings boost Hong Kong status
Jun. 11, 2020 6:50 AM ETNetEase, Inc. (NTES), JDNTES, JDBy: Yoel Minkoff, SA News Editor7 Comments
- Hong Kong's status as a destination for major Chinese technology companies got a lift overnight amid recent tensions over U.S. listing requirements.
- Shares of mobile games group NetEase (NASDAQ:NTES) jumped nearly 10%, with the retail portion of the stock sale more than 130 times oversubscribed, while e-commerce company JD.com (NASDAQ:JD) fixed a price for its own $3.9B offering.
- The moves are likely to increase inflows and strengthen the local dollar at a time when China's national security law has raised concerns about the city's future as a financial hub.