Tech Giant NetEase Launches HongKong IPO
2020-06-01 20:11:05

NetEase, Inc. (NASDAQ: NTES), a leading internet technology company in China, announces its initial Hong Kong Public Offering launch.The joint sponsors for this offering are China International Capital Corporation Limited, Credit Suisse Group, and JPMorgan Chase Co.

NetEase has traded publicly on the Nasdaq in New York since June 2000 and is only the second company to launch a secondary listing in Hong Kong. Alibaba became the first in 2019.

Upon listing in Hong Kong, the Hong Kong-listed shares will be fully fungible with American Depositary Shares (ADS), and ADSs will continue to be listed and traded on NASDAQ.

According to the data disclosed by NetEase on May 29, Ding Lei, the founder and CEO of Netease holds 44.7% of the total share and remains the company's biggest shareholder. According to Ding Lei, the company plans to use the net proceeds from the offering for globalization strategies and opportunities, fueling continued pursuit of innovation, and general corporate purposes.

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