JD and NetEase Secondary Listing
Both JD.com Inc (JD) and NetEase obtained approval for a secondary listing in Hong Kong on Thursday, 28th May 2020. Subsequently, NetEase filed its post hearing information pack (PHIP) on 29th May.As per media reports, NetEase is slated to start its bookbuild on Monday (1st Jun), aiming for a listing by 11th Jun. JD is expected to start its book build on the 5th or 8th of Jun, aiming for a listing on 18th Jun. The deals are expected to raise more than US$2bn each.
Given the nature of the offering, i.e. a secondary listing it's more akin to a placement rather than an IPO. However, thanks to Alibaba (Baba) having paved the way with its Hong Kong Secondary listing in Nov 2019, we now have somewhat of a reference point for performance.
In this note I'll take a look at the events, timelines and performance of Baba's secondary listing. I will also talk about the likely impact on the index weights.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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