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Investors Give NetEase’s Hong Kong Debut a Soaring Thumbs Up

Investing.com
·1-min read

By Gina Lee

Investing.com – Chinese internet giant NetEase (HK:9999) received a warm welcome to the Hong Kong market on Thursday, bringing a stellar secondary listing to a close.

Its shares jumped to as high as 10% from the offer price of $135.20 ($17.445) on the first day of trading, before settling at HK$133.10 by 11:53 PM ET (4:53 AM GMT). The first-day gains exceeded Alibaba's (HK:9988)’s record of 6.6% for its homecoming in November 2019.

The company had priced the shares at HK$ 123 earlier in the week.

Meanwhile, JD.com (NASDAQ:JD) will be looking to ride on NetEase’s success as it prepares its own HK$30.1 billion ($3.88 billion) Hong Kong debut. The e-commerce giant priced its offering, set to be one of Hong Kong’s largest IPOS this year, at $226 a share earlier in the day. JD.com shares are set to begin trading on June 18.

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