NetEase shares jump over 8% at the open on their first day of trading in Hong Kong
NetEase shares jumped sharply on their first day of trading in Hong Kong on Thursday.
The Chinese internet giant carried out a secondary listing on the Hong Kong stock exchange, pricing its shares at 123 Hong Kong dollars ($15.87) each.
Those shares were trading at 133 Hong Kong dollars each shortly after the market open.
NetEase’s Hong Kong listing comes amid rising U.S.-China tensions, which are threatening to affect Chinese companies listed on Wall Street. Meanwhile, lawmakers in Washington are pushing for greater scrutiny of Chinese firms through new proposed legislation that holds the threat of delisting some firms in the U.S.
A number of firms are now returning to Hong Kong. Alibaba carried out a massive secondary listing last year while rival e-commerce player JD.com is planning on doing the same later this year.