Excursion.com has filed for a secondary listing in Hong Kong. The Chinese vacation scheduling site is presently outlined on the Nasdaq in the U.S.
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GUANGZHOU, China — Chinese journey scheduling website Journey.com has filed for a secondary listing in Hong Kong, pursuing other high profile names like Alibaba and Baidu, to increase revenue in the monetary hub.
Vacation.com, which is currently detailed on the Nasdaq in the U.S., did not disclose the quantity of shares it will challenge nor the cost they will checklist for. That is usually decided some time soon after the first filing in Hong Kong.
JPMorgan, CICC and Goldman Sachs will be the joint sponsors of the secondary listing.
A range of U.S.-mentioned Chinese know-how firms have finished secondary listings in Hong Kong including Alibaba, JD.com, Baidu and Bilibili. Continuing tensions in between the U.S. and China have threatened to strike overseas companies outlined on U.S. exchanges.
Previous month, the U.S. Securities and Exchange Commission adopted a regulation which will increase the auditing needs for Chinese corporations and carries the menace of delisting for all those that drop foul of the guidelines.
A secondary listing in Hong Kong could be a way to hedge from this risk.
Vacation.com has felt the effects of the coronavirus pandemic which has place the brakes on worldwide travel as authorities levied limits in an endeavor to include the spread of the virus.
The firm’s internet earnings for 2020 was 18.3 billion yuan ($2.8 billion), a 49% year-on-yr tumble.
Still, U.S.-stated shares of Trip.com have surged far more than 60% above the last 12 months as domestic travel continues to bounce back again in China and anticipation builds for an opening up of worldwide flights.