Patrick Frater Asia Bureau ChiefShares in NetEase made a strong start in Hong Kong, where they began trading on Thursday. The Chinese company is the world’s second largest games firm by revenue.The company is already listed in on the U.S.’s NASDAQ market.
The secondary listing in Hong Kong gives it wider access to capital markets should the cold war between the U.S. and China lead to the delisting of Chinese firms.
NetEase also raised $2.7 billion of fresh capital from the share sale, which saw the retail portion 360x subscribed.Shares were offered in Hong Kong at HK123 apiece.
By the lunchtime trading halt in Hong Kong, they had risen by 8% to HK132.90.Last year e-commerce giant Alibaba made a similar move to add a Hong Kong secondary.
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